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Category: Exchange Reviews

Review of Cryptocurrency exchanges. Learn which crypto-exchange is safe to use and have high liquidity.

  • Phemex Exchange Review

    Phemex Exchange Review

    Phemex is a professional-grade Cryptocurrency exchange offering both Bitcoin spot and options trading. The exchange offers an innovative zero-fee trading model where fees are not charged per transaction. Phemex also offers Bitcoin, Ethereum, and Chainlink Perpetual futures. The exchange is built by ex-Morgan Stanley executives, aiming at providing institutional-grade trading tools and security. Derivatives trading allows traders to increase their exposure to certain assets and the ability to “short”.

    Phemex Exchange Review

    Key Features of Phemex

    • Free trades on Spot Exchange (Premium account)
    • Institutional grade trading and security
    • Robust trading insurance
    • Free deposit fees
    • Ability to Leverage up to 100X margin

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    Phemex Spot Exchange & Free trades

    One of the key advantages of Phemex exchange is the ability to have free zero fee trades. This concept is groundbreaking for the cryptocurrency exchange industry because the previous model charged trading fees for both buying and selling crypto. These fees would add up over time, with many traders paying thousands of dollars to cryptocurrency exchanges. With Phemex, these traders can take advantage of the zero fee trading model and only pay a monthly premium of $9.99 USD per month. This is a huge game changer for cryptocurrency daytraders and technical analysts.

    Phemex is also offering a US$6,050 sign up bonus, as well as 2 BTC and 10,000 USDT in trial funds! Sign up here.

    I think that this is a trend and responsibility of exchange is to reduce fees for small capital users And, for the institutional clients, they willing to pay more fees, but to have a better service, like data-wise, analysis wise, right? So that’s two different groups. So we, and we announced our zero fee permission, they just to benefit our retail customers.

    Jack Tao, CEO of Phemex

    Bitcoin Perpetual Futures

    The core trading product offered by Phemex is cryptocurrency derivatives trading such as Bitcoin Perpetual Futures. Derivatives are financial tools that derive value from the underlying product ā€“ in this case cryptocurrencies such as Bitcoin. Phemexexchange trades contracts based on the underlying asset instead of the asset themselves ā€“ this allows higher leverage and more types of products. Phemexallows up to a 101X max leverage on derivative products. This means a 1% change in the price of Bitcoin could result in 100% change in the funding amount ā€“ potentially allowing traders to double or nothing on the exchange. This type of leverage is popularized by the BitMEX exchange which also allows 100X leverage.

    Supported Countries

    Phemex exchange does not offer its services to the following countries: US, UK, Canada, Cuba, Crimea, Sevastopol, Iraq, Yemen, Iran, Syria, North Korea, South Korea, Sudan, China, Hong Kong, Republic of Seychelles, and Bermuda.

    Supported Cryptocurrencies

    Phemex only 6 cryptocurrencies for the time being: Bitcoin, Ethereum, Ripple, ChainLink, Tezos, Litecoin. Though for contracts, Phemex also does offer a GOLD/USD trading pair.

    Phemex Trading take profit orders and stop-losses

    Take Profit and Stop loss triggers on Phemex

    One of the key advantages of Phemex is use of stop-loss and take profit orders. These orders allow professional traders to fine-tune their trading strategies and set up opportunities to take profit or stop-loss. By default, Phemex has quick options to take profit at 25%, 50%, 75% and 100% profit. These can be set when the initial position is established with a clear indication the mark price and estimated profit or loss. It’s important to remember that when take profit or stop losses are triggered, the position will be sold as a market order – meaning that the algorithm will automatically match a trade even if it’s not at the same price.

    Phemex Fees

    Trading Fees

    The standard contract trading fees on Phemex is set at 0.01% for makers and 0.05% for takers. Whilst standard spot trading fees are 0.1% for makers and 0.1% for takers. Phemex offers trading fee discounts for VIP users i.e. those with high trading volume on their Exchange. Users can also enjoy trading fee discounts by staking Phemex’s native $PT token in return for $vePT, enough $vePT tokens.

    There is no addition transaction fee for the exchange, so users can trade even small quantities without fear of having overwhelming fees. Taker fees are higher as the exchange promotes users to fill the order books and establish higher liquidity for the exchange.

    Phemex trading fees

    Funding fee is feature that is extremely important to take into consideration on Phemex. Funding rate is paid directly to holders of either long or short positions depending if its “negative funding” or “positive funding” rate. On Phemex, the fee is charged every 8 hours and can be negative or positive – meaning it’s possible to gain or lose money every 8 hours. If funding rate is negative, shorts holders will pay longs a percentage of their position. In the example above, the funding rate is -0.0094%, so short holders will be charged 0.0094% of their entire position. This also means that long holders will gain interest on their position.

    Click HERE to learn more about crypto funding rates and how to earn passive income from them.

    Deposit/Wtihdrawal fees

    Phemex does not charge a deposit fee, but there are minimum deposit requirements. As for withdrawals, there is also a minimum withdrawal limit and the fee charged depends on the cryptocurrency. For example, Phemex charges 0.0005 BTC for BTC withdrawals, and 1 USDT for USDT withdrawals.

    Deposit/withdrawal fees on Phemex
    Deposit/withdrawal fees on Phemex

    Find out more about Phemex’s fees and conditions.

    What is the Phemex Token ($PT)?

    Phemex has a utility token known as Phemex Token ($PT). $PT gives holders various benefits including staking yields, trading fee discounts, VIP privileges, cashback airdrops, DAO governance, as well as launchpad and launchpool access. Phemex Token cab be purchased on the Exchange, and it can be staked to obtain Vote Escrow PT ($vePT). $vePT grants exclusive voting rights in the PhemexDAO, staking yields and buy crypto airdrops privilege.

    Payment methods

    Phemex only accepts the following cryptocurrency deposits onto the Exchange: Bitcoin, Ethereum, ChainLink, Tether and Ripple. Due to the Exchange not having any KYC procedures in place, traditional payment methods such as credit or debit cards and PayPal are not accepted.

    Sub-accounts feature

    Phemex sub accounts

    Phemex offers an easy method to create sub-accounts – each with their own individual account balances and permissions. This feature allows traders to isolate their different trading strategies from each other – as it is possible to set a limited balance to each sub-account. Balance can be transferred freely between the accounts via the sub-account system. Traders can create new accounts for each new strategy they want to test out. In addition, sub-accounts can be used for trading bots – so automated trading can be done within controlled limits.

    Is Phemex Exchange Safe?

    Phemex has never been the subject of a significant hack. They also have the following practices to keep user funds safe:

    • Cold wallets: Phemex assigns separate cold wallet deposit addresses to each user and keeps 100% of user funds in reserve. It also uses offline signature and Merkle-tree Proof-of-Reserves so users can see where their funds are in Phemex’s system.
    • Risk controls: Phemex uses a two-factor authentication mechanism, an anti-phishing code, and a double-entry bookkeeping system to protect user accounts from tampering and malicious actions.
    • Firewall and network management: Phemex deploys its system on the AWS Cloud and uses several firewalls to separate different zones and machines for different trading purposes. It also applies restrictions on system and instance accessibility.
    • Trading platform:Phemex uses C++ engines that are fast, reliable, and customized to provide high performance and seamless disaster recovery for 24×7 trading.

    Phemex Team

    The core of Phemex team is comprised of ex-Morgan Stanley executives and developers. CEO Jack Tao has worked at Morgan Stanley for 11 years with experience developing Equity trading algorithms in the US. This work is pivotal to Phemex’s long term growth strategy and mission to bring professional trading tools to the cryptocurrency space.

    Phemex Core Team

    Conclusion: Phemex Exchange Pros and Cons

    Pros

    • Developed by ex-Morgan Stanley Executives
    • Industry trend-setting Zero Fee Trading
    • Sub Accounts and easy to use APIs
    • Top tier exchange and wallet security
    • No KYC for small withdraws

    Cons

    • Relatively new.
    • Regional restrictions without providing alternatives for users from those jurisdictions.
    Phemex Exchange Review

    References:

    AltcoinBuzz – Phemex Exchange Highlights.
    CoinExchangeReviews- Phemex Review

    Frequently Asked Questions (FAQs)

    Is Phemex Exchange Regulated?

    Phemex is currently looking for regulation via the Monetary Authority of Singapore (MAS) and SEBA for custody of customer assets. Similar to other derivatives exchanges such as BitMEX, PheMEX is currently not regulated.

    Is Phemex allowed in the US?

    Phemex does not offer services to the following countries: US, UK, Canada, Cuba, Crimea, Sevastopol, Iraq, Yemen, Iran, Syria, North Korea, South Korea, Sudan, China, Hong Kong, Republic of Seychelles, and Bermuda

    Does Phemex have a token?

    Phemex has a token known as Phemex Token or $PT. It is a utility token that provides benefits such as staking yields, fee discounts, and Phemex DAO governance.

    What is the difference between PT and vePT

    PT is Phemex Token, the native token of Phemex Exchange. Users stake PT in order to get vePT (vote escrow PT).

    Disclaimer: Cryptocurrency trading involves significant risks and may result in the loss of your capital. You should carefully consider whether trading cryptocurrencies is right for you in light of your financial condition and ability to bear financial risks. Cryptocurrency prices are highly volatile and can fluctuate widely in a short period of time. As such, trading cryptocurrencies may not be suitable for everyone. Additionally, storing cryptocurrencies on a centralized exchange carries inherent risks, including the potential for loss due to hacking, exchange collapse, or other security breaches. We strongly advise that you seek independent professional advice before engaging in any cryptocurrency trading activities and carefully consider the security measures in place when choosing or storing your cryptocurrencies on a cryptocurrency exchange.

  • Binance Exchange Review (2023): Is it the best exchange?

    Binance Exchange Review (2023): Is it the best exchange?

    Binance is a very popular cryptocurrency exchange. It has the largest trading volume and many different cryptocurrencies to trade. Binance also has powerful tools for trading, like leveraged trading and options trading. They also have a lending platform. Binance is always adding new features and this surprises many experts. The CEO of Binance is Zhao “CZ” Changpeng and he is very quick to respond to events. Binance has many different versions, including one for the US called Binance US. This review talks about all the different features of Binance and any problems they have had.

    Sign up for Binance HERE!

    Key Advantages of Binance

    • World’s most popular exchange with the highest trade volume.
    • Offers the largest range of products and services with some not even found elsewhere.
    • Maintains insurance against theft and hacks.

    Key Features and Functions

    Binance (new) Advanced trading interface

    Binance (Binance.com

    Binance.com is the main exchange and it is very popular. It has all the services that Binance offers. Some of the key features are:

    • It supports over 1,000 different cryptocurrencies.
    • It has the highest trading volume in the world because it is so popular.
    • There is a platform called Binance Launchpad where new cryptocurrencies can be listed.
    • There is a Stop-Limit Function. This means that an order will be carried out when the stop price is reached. Then the stop-limit order becomes a limit order to buy or sell at the limit price or better.
    • Binance also has a lending service. Users can keep their cryptocurrencies on the exchange for a certain amount of time and earn interest.

    Binance US (Binance.us)

    Binance US (Binance.us) was Binance’s answer to US regulations barring citizens from trading on Binance. Key features include:

    • US regulation compliant
    • Has fiat to cryptocurrency trading pairs. Users can use USD to buy cryptocurrencies directly on the Exchange.
    • Bank account linking is available.

    History of Binance

    Binance was founded by Changpeng (CZ) Zhao in 2017. The name comes from a combination of the words ā€œBinaryā€ and ā€œFinanceā€. Binance is originally from China. However, due to the harsh crypto regulation procedures in the country, the Exchange moved to more conducive jurisdictions outside China.

    Currently, Binance is based in multiple jurisdictions. Their main site offers support in English, Chinese, Korean, Japanese, Russian, Spanish, and French.

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    Supported Countries

    The international site Binance (Binance.com) is supported in most countries except the USA.

    US citizens can ONLY trade on Binance US (Binance.us), except for those from the following states: Connecticut, Hawaii, Idaho, Louisiana, New York, Texas, and Vermont. Note however that Binance.us has fewer supported cryptocurrencies and features compared to the international site. This is so that Binance.us is compliant with US Laws.

    Supported Cryptocurrencies and Payment Methods

    Binance (Binance.com)

    Binance supports trading over 1300 cryptocurrencies including its own cryptocurrency, Binance Coin (BNB). Learn more about Binance Coin (BNB).

    Binance accepts payments using credit card (Visa and MasterCard), debit card and cryptocurrency. However debit and credit card payments are restricted in the following locations:

    • US: New York, Connecticut, Hawaii, Georgia, New Mexico and Washington;
    • Several Chinese banks; and
    • Some countries entirely e.g. Afghanistan, Iraq and Libya.

    Users can only pay USD or EUR to buy Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Bitcoin Cash (BCH/BCHABC) or Ripple (XRP) using debit and credit cards on Binance.

    Binance is a crypto-to-crypto exchange only. So users must buy first the above cryptocurrencies using fiat, before they can trade with other cryptocurrencies on the Exchange.

    Binance US (Binance.us)

    Binance US only supports around 50 cryptocurrencies.

    Users can use their debit cards to directly transfer USD from their bank accounts into their Exchange account via ACH or wire transfer.

    Deposit and Withdrawal Fees

    On Binance.com fees are charged based on the cryptocurrency to be transferred. For example, Bitcoin (BTC) withdrawals cost 0.0005 BTC per transaction. There are no deposit fees.

    For fiat transfers, on Binance US, USD wire withdrawals cost USD15/USD35 for domestic or international withdrawals respectively. Deposits generally and ACH withdrawals are free.

    Click here for the fee structures of Binance.com and Binance US respectively.

    Trading Fees

    Trading fees for Binance.com and Binance US are generally 0.1% for makers and takers with the following exceptions:

    • Binance.com and Binance.us: Users with larger trade volume or hold a specified amount of BNB are eligible to become VIPs. Higher VIP tiers give you lower trading fees. There is a 25% trading fee discount if fees are paid using BNB.

    Binance has competitive trading fees compared to some other cryptocurrency exchanges. For example:

    • Coinbase: 0.50% of the transaction plus a further Coinbase Fee depending on the transaction amount. Side note: did you know you can avoid their expensive withdrawal fees? Find out more at CoinBase Fees- How to Avoid Them?
    • Kraken: 0.16% (maker) / 0.26% (taker) 
    • Bittrex: 0.25% (maker and taker)
    • Poloniex: 0.15% (maker) / 0.25% (taker) (Note: Poloniex has discounted their fees to 0.00% until 31 December 2019)
    • OceanEX: 0.10%, discounts are offered for payments with their OceanEx coin.
    • KuCoin: 0.10%, discounts are offered for payments with their KCS coin.
    • Huobi: 0.20%
    • OKEx: 0.10% (maker) / 0.15% (taker)
    • BitMEX: -0.025% (maker) (i.e. a rebate is given) / 0.075% (taker). This Exchange however only deals in margin trading.
    • BitFinex: 0.10% (maker) / 0.20% (taker) 
    • BitMax: 0.085% (maker and taker) for larger market cap coins, 0.10% for other coins

    Binance KYC

    You don’t have to do the Binance KYC process to use the exchange. But if you don’t, you can only withdraw money, cancel orders, close positions and redeem. Binance has two levels of KYC: “Verified” and “Verified Plus”. To be “Verified”, you need to give your personal information and ID and do facial recognition. Then you can deposit and withdraw up to $50k a day. You can also deposit unlimited crypto, withdraw up to 100 BTC in crypto and do unlimited P2P transactions.

    To be “Verified Plus”, you also need to show proof of your address. You can do everything that “Verified” users can do. Plus, you can deposit and withdraw up to $200k a day.

    Controversies

    Like any exchange, Binance is no stranger to controversies, making people question if Binance is safe. Let’s take a look at some recent controversies.

    Binance hack: 7,000 Bitcoins stolen

    In May 2019, Binance told the public that hackers took 7,000 Bitcoins. At that time, they were worth about $40 million. The hackers used different ways like phishing and viruses to get users’ login information.

    Binance used its SAFU fund to pay back the users who lost money. The SAFU fund is an emergency insurance fund.

    Binance KYC Data Breach

    In August 2019, a hacker said they had a lot of Binance’s KYC data. They made Telegram groups to show the data. They wanted 300 Bitcoins from Binance or they would release more data. Binance said the data was from February 2018 when they used another company to do KYC. But some people say it was mostly Binance’s fault.

    Binance offered a reward to find the hacker. But the hacker hasn’t been found yet. Binance gave lifetime VIP membership and better trading fees and services to users who were affected.

    Binance accused of being a conduit for money launderers?

    Reuters found that from 2017 to 2022, people on a Russian darknet drug market called “Hydra” used Binance to send and get cryptocurrency payments worth $780 million. The website is only on the Darkweb and takes cryptocurrency for payment.

    Binance said the numbers were wrong and too high because they included indirect cryptocurrency flows. Binance also said they’re trying to get better at finding illegal activity on their exchange. They’re working with law enforcement to stop criminal networks that use cryptocurrencies.

    Since August 2021, Binance made their KYC rules stricter. Both new and old users have to show ID to use most features on the exchange. Crystal Blockchain found out that since Binance made their KYC rules stricter, the monthly total of funds linked to Hydra Market that went through Binance went down a lot. It went from over $30 million per month to less than $1 million per month in the first quarter of 2022.

    Is Binance safe in 2023?

    Binance is the worldā€™s biggest exchange, so hackers want to attack it. They did hack it twice in 2019. But Binance has an insurance fund and provided proof-of-reserves to pay back victims of the hacks. Binance showed they have enough money to cover usersā€™ assets 1:1 plus extra reserves. You can learn more about Binanceā€™s reserves audit by checking out: Binance Audited by Mazars, Confirms Bitcoin Reserves are Fully Collateralized.

    Binance has been able to handle bad press and rumors. In December 2022, there were rumors that Binance didnā€™t have enough reserves for clientsā€™ deposits. Many traders took their money out of exchanges. But Binance handled it well and paid everyone back.

    Tweet from CZ on 13th December 2022

    Is Binance safe in 2023? It looks like it is. They paid back victims of hacks, showed they have enough money, and handled big withdrawals. But no exchange is 100% safe. Thatā€™s why itā€™s important to take your cryptocurrencies off exchanges and put them in offline hardware wallets. That way, you keep control of your cryptocurrencies.

    Which hardware wallet should you get? Check out our comparison of the top 3 hardware wallets. Or read our reviews for the Ledger Nano X, Trezor Model T and KeepKey.

    Conclusion: Binance Pros and Cons

    Pros

    • Exchange with the world’s largest trading volume.
    • Track record of taking steps to remedy affected users when hacked.
    • Competitive trading fees.
    • Large amount of supported cryptocurrencies.
    • Offers lots of unique services and features.

    Cons

    • Creating a basic KYC-verified account can take up to 13 days.
    • Available in the US via Binance.US. But this has fewer supported cryptocurrencies and features.

    Sign up for Binance HERE!

    Binance Exchange Review

    When reviewing a cryptocurrency exchange, it is important to consider several key factors to ensure that the exchange meets the needs and expectations of its users. In our reviews, we have evaluated a crypto exchange based on the services it offers, the cryptocurrencies it supports, its trading fees, and its security measures. These criteria were chosen because they are essential for providing a comprehensive and reliable trading experience for users. So by examining these aspects of an exchange, we can provide an informed and objective assessment of its overall performance and value to users.

    Services offered: Binance offers a wide range of products and services, including powerful trading tools such as leveraged trading, options trading and a lending platform. Binance is always on top of adding new features and is able to respond quickly to events.

    Cryptocurrency support: Binance supports trading over 1,300 cryptocurrencies on its main site (Binance.com), including its own cryptocurrency, Binance Coin (BNB). However, Binance US (Binance.us) only supports around 50 cryptocurrencies. Although it is fewer than some other exchanges, Binance does have a strict vetting process before deciding whether or not to list a cryptocurrency.

    Trading fees: Trading fees for Binance.com and Binance US are generally 0.1% for makers and takers. However, users with larger trade volume or those who hold a specified amount of BNB are eligible to become VIPs and receive lower trading fees. Additionally, there is a 25% trading fee discount if fees are paid using BNB. Overall, Binance has competitive trading fees.

    Security: Binance has had some security breaches in the past, including a hack in which 7,000 Bitcoins were stolen and a KYC data breach. However, Binance maintains an asset fund as insurance and used it to fully compensate victims of the hack. Binance has also provided proof of reserves and has taken steps to improve its ability to detect illegal activity on its exchange. Overall, Binance is safe but it is important to avoid storing more cryptocurrencies than needed on exchanges.

    Binance Exchange Review

    Frequently Asked Questions (FAQs)

    Is Binance Jersey closed?

    Binance Jersey closed on 31st December 2020 at 23:59 UTC.

    What can I do if I still have funds on Binance Jersey?

    Users with remaining funds on Binance Jersey can contact Binance’s Customer Service Team to retrieve their funds.

    What is Binance DEX?

    Binance DEX (Binance.org) is also known as Binance Chain.
    Key features include:
    It is a decentralized exchange developed on Binance’s own Binance Chain blockchain;
    Users maintain custody and control of their private keys and funds. This means that users’ funds are much less vulnerable to hacks or exchange closures; and
    Only limit orders are accepted. Unlike other exchanges, Binance DEX does not match orders continuously. Rather, it matches open orders received using a periodic auction.
    Learn more about Binance DEX here.

    Does Binance require KYC?

    Users must complete the KYC process in order to access all the features on the Exchange. Those who have not completed the KYC process are limited to fund withdrawal, order cancellation, position close and redemption functions on the Exchange only.

    What is the difference between Binance KYC “Verified” and “Verified Plus”?

    For “Verified” status, users will need to submit their personal information, and government-issued identification document, and pass facial recognition. Verified Plus requires additional proof of address, but in return will be entitled to higher fiat deposit and withdrawal limits.

    How do I send Bitcoin to Binance?

    In your Binance account, go to “wallet”, then under “deposits” click on “crypto deposits”. Select “Bitcoinā€ and the network you wish to use. Note that different networks may charge different fees. You will see a string of numbers and letters which is your deposit address. Copy and paste this deposit address into the platform or wallet you want to send your Bitcoin from and follow the instructions there.

    How do I send crypto to Binance

    Your Binance account will have different wallet addresses for different cryptocurrencies. On your Binance account, click “wallet”, and under “deposits” click on “crypto deposits”. Select the cryptocurrency you would like to deposit and the network you wish to use to process the transaction. Copy and paste the deposit address into the platform or wallet you want to send your cryptocurrency from and follow the instructions there. Before sending, CHECK carefully the deposit address, amount, and network so as to avoid any losses.

    Disclaimer: Cryptocurrency trading involves significant risks and may result in the loss of your capital. You should carefully consider whether trading cryptocurrencies is right for you in light of your financial condition and ability to bear financial risks. Cryptocurrency prices are highly volatile and can fluctuate widely in a short period of time. As such, trading cryptocurrencies may not be suitable for everyone. Additionally, storing cryptocurrencies on a centralized exchange carries inherent risks, including the potential for loss due to hacking, exchange collapse, or other security breaches. We strongly advise that you seek independent professional advice before engaging in any cryptocurrency trading activities and carefully consider the security measures in place when choosing or storing your cryptocurrencies on a cryptocurrency exchange.

  • LATOKEN Exchange Review (2023): Estonia-based Cryto Exchange

    LATOKEN Exchange Review (2023): Estonia-based Cryto Exchange

    LATOKEN is an Estonia-based cryptocurrency exchange offering users a multi-asset crypto trading platform, financial services, FinTech, cryptocurrency wallet, and a neobank. In this LATOKEN review, we’ll take a look at the company behind the platform, exploring the platform’s features, supported cryptocurrencies, customer service, and more.

    Sign up here to get started.

    What is LATOKEN?

    LATOKEN, a cryptocurrency exchange based in Estonia, was founded in 2017 by CEO Valentin Preobrazhensky and three other experts. With a current staff of around 270 employees, LATOKEN has experienced rapid growth since its inception.

    LATOKEN offers users the ability to trade digital assets. It has evolved from its original goal of creating a multi-asset crypto trading platform to become a regular platform for trading digital assets with additional features.

    In addition to crypto trading, the company also offers users a range of financial services, FinTech solutions, a cryptocurrency wallet, and a neobank – an online-only banking service.

    LATOKEN is currently ranked 111th on CoinMarketCap based on its exchange score, but its daily trading volume places it much higher at around 60th position. CoinMarketCap’s Top-20 rankings in March 2019 saw HitBTC enter the list, showing that the exchange is a worthy competitor in the cryptocurrency exchange space.

    Key Features and Advantages of LATOKEN

    Additional Services

    LATOKEN is a cryptocurrency trading platform that offers more than just an exchange. It also provides users with digital wallets for their cryptocurrencies, loans, and other services. LATOKEN’s official website offers investors the chance to invest in startups on the worldā€™s largest IEO Launchpad. Before investing, it is important to understand the risks and do thorough research to avoid potential losses.

    You can refer your friends to the platform and get rewarded. When someone signs up using your referral link, you’ll get a $50 credit that can be used to pay 25% of fees. Plus, you’ll get money when those people start trading.

    You can list your project on the LATOKEN exchange and take advantage of the referral program to attract organic traders, as well as improve the performance of your digital asset. Additionally, you can access more than 500k LATOKEN users worldwide via Data Room or Online Video Pitch and pitch to thousands of investors from the LATOKEN network. Furthermore, you can perform various tasks and earn crypto rewards for doing that.

    VCTV (Venture Capital Television) is the perfect platform to pitch your startup to investors. With its focus on technology and entrepreneurship, VCTV provides feedback and valuable contacts that can help you in the future. Currently, LATOKEN has 25 major investors.

    Wide Range of Assets to Choose From

    LATOKEN offers an extensive selection of cryptocurrencies, with more than 250 supported coins, including:

    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • USD Coin
    • EOS
    • Litecoin
    • and 250 more

    LATOKEN supports a wide range of cryptocurrencies, including the most popular ones such as Bitcoin, Ethereum, and Litecoin, as well as lesser-known tokens. However, it is important to note that some of these tokens may not be as reputable as the more popular ones, so it is important to do your own research before investing.

    Easy to Start Trading

    Usability is an important factor to consider when choosing a cryptocurrency exchange. If you are a beginner and have never used a similar platform before, you should pay attention to the platform’s user interface and how easy it is to use. After all, if you plan to use it regularly, it is essential to make sure that the platform is user-friendly.

    LATOKEN is a user-friendly platform that provides a range of services, including a trading platform, crypto wallet, IEO Launchpad, LADEX, and LA airdrop. The platform’s landing page makes it easy to find and access all of these services.

    This platform offers support for multiple languages, including English, Spanish, Chinese, Vietnamese, Portuguese, German, and Italian. You can easily select your preferred language from the drop-down menu at the top-right of the page. If you have any questions, the company’s customer service team is available to provide assistance.

    LATOKEN offers four levels of verification, each of which is required for different withdrawal limits:

    • Tier 0Ā – 1,000 USD/24h withdrawal limit.
    • Tier 1Ā – 10,000 USD/24h withdrawal limit.
    • Tier 2Ā – 100,000 USD/24h withdrawal limit.
    • Tier 3Ā – 100,000 USD/24h withdrawal limit and access to alternative tokens.

    For Tier 3 verification, you need to provide your contact information. From email, full name, phone number, and date of birth, as well as proof of your citizenship, residence, and identity. Additionally, you must submit a photograph and complete the corresponding questionnaire to complete the verification process.

    Focus on Security

    When selecting a cryptocurrency exchange, security should always be the top priority. Look for a provider that takes your privacy and security seriously, so you can be sure your account is safe and secure.

    LATOKEN is a secure cryptocurrency exchange that provides users with:

    • Encrypted keys
    • Password securityĀ 
    • Secure storageĀ 
    • Data transmission
    • DDOS protection
    • 2FA verificationĀ 

    LATOKEN provides an online wallet for storing your cryptocurrencies. However, it is recommended to use a hardware wallet for added security as it does not store your private keys online. It encrypts your private keys with AES-256 encryption for added security.

    LATOKEN is renowned for its security measures, with 99.95% of users’ funds stored in cold storage using multi-signature technology and AES-256 encryption with a 256-bit key, which is considered virtually unbreakable. It ensures user security by using Salted SHA-256 encryption to protect passwords. This encryption method is enhanced with a random data addition, known as a salt, to make passwords more secure. Although SHA-256 is less secure than BCRYPT, SCRYPT, or Argon2, it still provides a reliable layer of protection.

    LATOKEN ensures secure data transmission through the use of encrypted Transport Layer Security (TLS) connections (i.e., HTTPS). Additionally, Two-Factor Authentication (2FA) is required for any changes to your account or withdrawals, providing an extra layer of security for users. Their advanced distributed system architecture provides protection against DDoS attacks, ensuring that trading on the exchange is not disrupted by external threats.

    Quite Average Trading and Withdrawal Fees

    LATOKEN offers competitive trading fees, with lower fees for market makers than market takers. This allows users to benefit from the best prices available on the market, while still enjoying lower fees than their competitors.

    LATOKEN prices for both market makers and traders:

    LATOKEN offers traders the ability to trade Perpetual Futures, which are contracts that agree to buy or sell a specific cryptocurrency at a future date for a certain price. With LATOKEN, the more you trade, the lower your fees will be, as fees are based on your 30-day trading volume.

    Futures trading offers the potential to capitalize on price volatility, but it can also be highly risky. Before making any decisions, it is important to ensure that you have a thorough understanding of the risks involved.

    LATOKEN also offers some of the lowest Perpetual Futures trading fees in the market, with the same fees for both makers and takers.

    LATOKEN regularly updates withdrawal fees based on market and blockchain conditions, and these fees are charged in the cryptocurrency you wish to withdraw. One example of LATOKEN fees are shown below:

    LATOKEN’s trading fees are generally average, but their withdrawal fees may not be as user-friendly. Additionally, there have been many negative customer reviews regarding the withdrawal process.

    Mobile Application

    The LATOKEN mobile app is available for both Android and iOS, making it accessible to all mobile device users. It has an impressive 4.2-star rating on Google Play and has been installed by over 500,000 people. The app includes both a cryptocurrency exchange and a digital wallet that can be created in minutes with just an email address and phone number. For maximum security, it is recommended to store your cryptocurrencies in a hardware wallet, also known as a cold wallet.

    If you’re looking for a secure way to store your digital assets, consider investing in a hardware wallet such as Ledger Nano X, Trezor Model T, or Ledger Nano S Plus. Alternatively, for an online wallet, Coinbase offers exceptional security measures.

    The LATOKEN app provides users with the necessary tools and features to grow their crypto assets and start trading. Additionally, users can take advantage of price alerts to ensure they never miss out on buying or selling cryptocurrencies at their desired price. Stay up to date with the latest crypto and blockchain news with the LATOKEN mobile app. Track the latest industry developments and make informed decisions about price fluctuations.

    The LATOKEN app update has introduced a new referral program that offers users a $50 credit on their accounts and daily cashback when people sign up with their referral link. This program provides users with an opportunity to generate extra income.

    Most customer reviews of the LATOKEN app are positive, with users praising its ease of use and the wide selection of lesser-known tokens available on the exchange.

    Multiple Support Options

    For those new to crypto trading, having helpful customer service to guide you through the process can be invaluable. Crypto exchanges are becoming increasingly popular, and there are many resources available to help beginners get started. When it comes to LATOKEN customer service, reviews are mixed. Some customers report that the customer service is reliable and helpful, while others have experienced long wait times for a response. It is unclear what kind of service to expect from LATOKEN.

    For instant assistance, LATOKEN customer service is available 24/7. You can contact their customer support team directly with your query. There’s also a live support widget on their platform for a more convenient experience. For any queries or issues, LATOKEN customers can easily submit a ticket via their ticket submission form. They can also join the official Telegram group for more answers. With multiple customer support options available, users can quickly and easily get their issues resolved.

    Overall, LATOKEN’s customer support has been met with mostly positive reviews, with more customers expressing satisfaction than dissatisfaction.

    Key Disadvantages of LATOKEN

    Negative Customer Reviews

    When selecting a product or service, it is important to read customer reviews. People who have been using the platform or service for a long time are the best source of information about its pros and cons. Upon researching Lotaken reviews, it has a low rating of 3.1 stars on Trustpilot. Almost half of the reviews being negative.

    Many users have reported that they have been scammed by this platform. They are claiming that they only received a fraction of the value they were promised when selling cryptocurrencies. Furthermore, customers have been unable to contact customer support for assistance, leaving them feeling ignored and frustrated.

    It is important to always keep your cryptocurrencies in secure hardware wallets to avoid any potential losses. Additionally, it is important to check the withdrawal fees of different assets applied by LATOKEN before making any transactions. Some users have reported paying high fees for their transactions.

    Many customers have left reviews on Trustpilot about their experiences with LATOKEN. The most commonly heard phrase being ā€˜LATOKEN scamā€™. Unfortunately, some users have reported being unable to withdraw their cryptocurrencies when they had thousands of coins stored in their accounts.

    How to Register on LATOKEN?

    The following steps are quick and easy to follow:

    1. Create an account on LATOKEN’s official website by clicking the Sign up button.
    2. Provide an email address and password to create an account. This information will be used to access your account in the future.
    3. Verify your account by entering the code sent to your email address for confirmation.

    After that, you’re done! It’s as simple as that to register and create an account on LATOKEN.

    Conclusion

    LATOKEN is a cryptocurrency exchange platform that supports more than 250 cryptocurrencies and focuses on security. However, there have been numerous customer complaints about the platform, with some claiming that it is a scam and that they have experienced issues when withdrawing money or that their assets have simply disappeared with no response from customer support.

    Before making a decision on whether LATOKEN exchange is the right choice for you, it is important to consider all aspects of the platform.

  • Wootrade ($WOO): Boosting the power of cryptocurrency trading?

    Wootrade ($WOO): Boosting the power of cryptocurrency trading?

    Wootrade ($WOO) is a digital asset liquidity pool that partners with cryptocurrency exchanges, wallets and over the counter trading desks (OTCs). They also have a darkpool trading platform which claims to offer zero (or even negative) trading fees and above average liquidity for spot and futures trading.

    Check out our interview with Jack Tan, CEO of Wootrade!

    Better trading (no strings attached)?-Wootrade

    Background

    While both automated market makers (AMMs) and decentralized exchanges (DEXs) belong to the decentralized finance (DeFi) sector, they are quite distinct from each other.

    There is no limit order functionality for AMM providers such as Uniswap, whilest the trading role of DEXs is more complete and closer to that of a common cryptocurrency exchange. At present, AMMs are extremely popular. They draw more consumers and have rates of exchange that outweigh those of DEXs. 

    Wootrade collaborates with DEXs as they solve their liquidity challenges using Wootrade. Exchanges would find it easy to draw even more customers by providing more liquidity and delivering more full features. In DeFi cryptocurrencies, standard exchanges have smaller trading rates than Uniswap, and even losing customers, owing to the popularity of the DeFi sector.

    Although supporting both centralized and decentralized exchanges to improve their AMM competition, Wootrade has already listed DeFi coins and intends to consistently list more.

    Team

    It is worth noting that Mark Pimentel, Wootrade’s Co-founder, worked at Citadel and Knight Capital (acquired by Virtu in 2017), respectively. Pimentel initially operated in the high-frequency trading department at Citadel, and then went to Knight Capital’s electronic marketing group in the United States. There, he was in charge of operating the substantial dark pool.

    When Pimentel stepped into the crypto ecosystem, he came across a common problem between quantitative funds and exchanges i.e. the market liquidity is fragmented. He aimed to add his trading skills and familiarity with the dark pool to Wootrade. The inclusion of Wootrade’s token economy was intended to make this model more robust, fairer, and more efficient.

    What is Wootrade?

    Built by industry-leading proprietary trading company Kronos Research, Wootrade provides dramatically enhanced liquidity, spreads, and fees. Wootrade is regarded as the next evolution of crypto trading.

    Wootrade features specialized market-making skills based on alpha through collaborations with the world’s top proprietary trading teams. A self-reinforcing and mutually-advantageous dynamic between traders, exchanges, market-makers, and investors all connected by the WOO token has been created by this innovative framework.

    Mark Pimentel and Jack Tan, Founders of Kronos Research, had invented the Wootrade concept to address the big pain points for more challenging crypto traders. Kronos Research has evolved from a team of 2 to more than 60 persons now and trades over a billion dollars on a daily basis.

    How does Wootrade achieve high liquidity and zero fees?

    Wootrade claims to have above average liquidity and zero trading fees, but how do they achieve this?

    Taking BTC as an example, at a depth of 100 BTC, Wootrade will sustain a spread of 0.2%. In addition, it does not charge any handling costs or operating costs to users. Kronos Research, a quantitative market research institution, has incubated Wootrade. The fact that Kronos excels in a number of trading techniques is popularly known.

    In various market conditions, Kronos has a daily trading volume of more than $1 billion and can guarantee substantial returns. Although Wootrade implements zero-fee trading, retail-oriented exchanges do not generally compete with it. In fact, exchanges or DEXs, wallets, brokers, and trading institutions are mostly Wootrade customers.

    Currently, over 10 exchanges and institutional customers are linked to the platform. In addition, through the exchanges that collaborate with Wootrade, a total of more than 65,000 end users have used their trading profile. New exchanges were queuing up for entry after releasing Wootrade 1.0, as market demand surpassed the expectations of the team.

    Open governance on Wootrade

    The aim is for the group to have more and more autonomy to grow the project as it sees fit. Voting power grows exponentially in relation to the amount of time involved, but anyone who buys tokens only to vote would not have any control over decisions.

    Instead, those who have carried for the right length of time will be able to control with the greater weight the choices made. Additionally, the incentive scheme is aimed to enable those with the right combination of talent and expertise to engage more effectively in the governance and decision-making process.

    The aim of Wootrade is to reach 40% of the cryptocurrency market’s liquidity. This includes a significant number of exchange customers and market makers to be on board. There is a big market for wealth management businesses on both exchange investors and AMMs on the platform.

    Since it’s not easy to check and trust the trading staff, investors sometimes skip good opportunities. Wootrade can, therefore, be fitted with an oracle computer to solve this. This helps market makers to submit their NAVs and results to the blockchain. For its retail customers, exchanges may then verify and pick outstanding items.

    WOO token ($WOO)

    Wootrade has its own native token that will act as a value and rewards carrier generated by the system. The WOO token will be used to vote on governance decisions concerning the platform. WOO can also be used in staking/mining reward systems, retail users can stake WOO and ETH or USDT into an asset managment product and receive rewards.

    For those who are interested in spot/futures trading, WOO can be used as collateral on the Wootrade platform.

    Customers can also get a discount when using WOO to pay for say management fees for asset management items. For Wootrade’s clients or partners that do not have their native token, they can also choose to adopt WOO as their platform token. Thereby giving consumers another place to use WOO.

    Prime Nodes on Wootrade

    For B2B clients they are different tiers to stake the WOO tokens on the exchange or platform for eligibility to become a Prime node. In addition to the staking requirement, they also need to demonstrate a unique marketing plan and business proposition.

    Wootrade Staking Program: Fee Structure

    Once they become a Prime node, every dollar of flow they route to the network gives them a reward of a certain number of WOO tokens. The concept behind this is that after a while of doing this, they would not need to charge their users and fees and simply scale off the rebates provided by Wootrade.

    Essentially, Wootrade’s rationale is that they do not think businesses would try and rely on market makers (which require a huge fee for their services). Especially when the alternative provided by Woodtrade is that they would get access to a zero fee trading network with proven liquidity, AND get paid to trade there.

    WOO tokenomics

    WOO tokenomics
    WOO tokenomics
    • Ticker: WOO
    • ICO Token Price: 1 WOO = 0.03 USD
    • Fundraising Goal: $650,000
    • Total Tokens: 3,000,000,000

    WOO is available for spot trading on Uniswap, Huobi, MXC and Gate.io

    Conclusion

    Wootrade sees the potential for conventional and decentralized finance to incorporate concepts. The crypto industry will increasingly be affected by this new technology. The conventional business of asset management will now pay attention to the optimized use of blockchain technologies and token architecture.

    Disclaimer: Cryptocurrency trading involves significant risks and may result in the loss of your capital. You should carefully consider whether trading cryptocurrencies is right for you in light of your financial condition and ability to bear financial risks. Cryptocurrency prices are highly volatile and can fluctuate widely in a short period of time. As such, trading cryptocurrencies may not be suitable for everyone. Additionally, storing cryptocurrencies on a centralized exchange carries inherent risks, including the potential for loss due to hacking, exchange collapse, or other security breaches. We strongly advise that you seek independent professional advice before engaging in any cryptocurrency trading activities and carefully consider the security measures in place when choosing or storing your cryptocurrencies on a cryptocurrency exchange.

  • CEX.IO Exchange Review (2023): One of the Leading Cryptocurrency Platforms

    CEX.IO Exchange Review (2023): One of the Leading Cryptocurrency Platforms

    CEX.IO is a secure and user-friendly cryptocurrency exchange platform that enables users to easily buy, sell, and trade digital assets. In this review, we will share all about CEX.IO, itā€™s brief history, digital currencies you can buy, sell and trade, then the advantages and disadvantages of the platform.

    Sign up here to get started.

    What is CEX.IO?

    CEX.IO is a legitimate and safe cryptocurrency exchange platform that supports multiple deposit types and different digital assets. It is suitable for both advanced and beginner users who are looking to buy and sell cryptocurrencies. CEX.IO LTD, the company behind the exchange, is registered in the United States as a Money Services Business and is licensed by the Financial Crimes Enforcement Network (FinCEN). The exchange has also expanded its services within the US, with MTL licenses that can serve 48 different states.

    CEX.IO is a cryptocurrency exchange that provides users with a level two DSS certificate for added security. However, it is still vulnerable to hackers due to the vast amounts of different currencies stored on the platform. To ensure your cryptocurrency is safe, it is recommended to store it in a secure wallet. Sample secure wallets are MyEtherWallet or Exodus. CEX.IO is a reliable exchange, but users should take extra precautions to protect their digital assets.

    Key Features of CEX.IO

    CEX.IO key features include:

    Margin and Spot Trading. CEX.IO offers trading digital assets with leverage on with their own Broker. Spot trading with place limits and market orders.

    Mobile Application. Download CEX.IO to buy, sell, earn and exchange crypto anywhere and on the go. Their app is available both on Google Play and iOS App Store.

    Trading API. Traders can automate their cryptocurrency trading with CEX.IO’s reliable and stable API.

    Instant Buy using Bank Cards. Credit or Debit Cards are a available option to buy cryptocurrencies on CEX.IO with only just a few clicks.

    Multiple Fiat Currencies Available. There are a lot of available fiat currencies to choose from, so traders will do fewer trades and less fees.

    Key Advantages of CEX.IO

    Customer Support

    CEX.IO provides an extensive support section to help users understand the platform. If you can’t find the answer to your question, the platform offers an easy-to-use email support form to get the help you need.

    Multiple Fiat Currency Choices

    At this exchange, you can trade multiple cryptocurrencies with your preferred fiat currency. With no need to convert to Bitcoin first, you can save on fees by making fewer trades.

    Suitable for Beginners

    CEX.IO offers a user-friendly platform with a clean and clutter-free interface, making it easy to navigate and ideal for beginners. Advanced trading windows are also available, providing a pleasurable experience for all users.

    Margin Trade Options

    Margin trading options can be a risky form of trading, and is not recommended for beginners. If you’re looking to try it out, CEX.IO Broker offers commission-free margin trading options.

    Registered and Secured

    The USA’s Financial Crimes Enforcement Network (FinCEN) has registered the company as a Money Services Business. It has also been awarded a Level Two Data Security Standard (DSS) certificate. CEX.IO security is tested as it has never been hacked before.

    Key Disadvantages of CEX.IO

    Trust in Security

    Even if they have never been hacked before, it is essential to exercise caution when using any exchange. No platform is completely secure. To ensure the safety of your funds, it is recommended to not leave any money on the exchange. This is for both fiat currency or cryptocurrency.

    Which Coins Can You Buy on CEX.IO?

    CEX.IO offers users a wide range of digital assets to buy with either Bitcoin or fiat currency, including 108 cryptocurrencies and 228 trading pairs.

    It is a popular platform for buying and trading cryptocurrencies, offering a wide selection of the most well-known coins and tokens. Users can easily exchange their cryptocurrencies or use fiat money to purchase their desired digital assets.

    Payment Methods, Fiat Currencies, and Fees

    CEX.IO is a great choice for users from many countries, as it accepts a wide range of fiat currencies. Here is the list for their supported fiat currencies:

    • United States dollar (USD)
    • Euro (EUR)
    • Pound Sterling (GBP)
    • Ruble (RUB)

    There are also various payment methods accepted on CEX.IO:

    • VISA
    • MASTERCARD
    • S.W.I.F.T.
    • ACH
    • Faster Payments
    • Sepa
    • QIWI
    • Skrill

    CEX IO EU Limited offers a wide range of payment methods to make it easy for new users, including card processing services for clients from the European Economic Area (EEA).

    They offer competitive trading fees, ranging from 0.25% for market takers and 0.15% for market makers, down to as low as 0.01% and 0% respectively. The fees depend on the amount of crypto assets traded, making it an attractive option for those looking to trade crypto in smaller sums.

    CEX.IO Review: Account Verification

    Here are the various levels of accounts on CEX.IO:

    With each account tier, customers can enjoy additional payment options, higher transaction and withdrawal limits, and other benefits.

    For more advanced users, corporate accounts offer additional features. However, we won’t be delving too deeply into these features here.

    Verified accounts offer many advantages, so even new users may want to reach this tier.

    Basic Accounts

    Create an account with CEX.IO and start trading with Visa or MasterCard. With a basic account, you can deposit fiat currency and start trading right away.

    The recommended maximum and minimum deposit amounts for individual payment methods vary.

    Verified Accounts

    Verifying your identity with CEX.IO is easy and comes with several advantages. To increase your daily deposit and withdrawal limits or withdraw fiat funds, users must complete the verification process. In this CEX.IO review, we’ll explain exactly how to do it and the benefits of having a verified user account.

    How to Get a CEX.IO Verified Account: Stage 1

    Verifying your account with CEX.IO is a straightforward process that requires you to submit some personal information and documents to reach the verified account tier. This is to ensure the company complies with anti-money laundering (AML) and know your customer (KYC) regulations. Read on for our CEX.IO review of the account verification process.

    To ensure a successful upgrade of your CEX.IO account, please follow the steps below carefully. Make sure to submit all the required documents in the correct format, as CEX.IO will reject any requests that do not meet their standards. Failing to do so could mean missing out on a great opportunity to buy or sell a cryptocurrency at a favorable price.

    1. To complete the process, you must provide information from a valid government-issued identification document, such as a passport, ID card, or driver’s license.

    2. Complete the form with your gender, first name, middle name (if applicable), last name, date of birth, place of birth, contact number, and a link to social media profile (optional).

    3. After that, users must enter their residential and permanent addresses. If the two are the same, they can check the box labeled ā€œsame as residentialā€ which is located next to the ā€œpermanent addressā€ fields.

    4. To verify your identity, submit a scan or photograph of a few identity documents that meet the necessary requirements:

    • The issue date must be in the future (document must be valid on the day it is submitted).
    • Copies of both sides of the document must be submitted.
    • Scanned images must be in full color and in a high resolution.
    • Documents must be in either jpg, gif, png, tiff, or pdf format.
    • The file must be no larger than 15MB.
    • The photograph or scan must be no older than three months.
    • Documents must be completed using the Latin alphabet (a, b, c, dā€¦)

    How to Get a CEX.IO Verified Account: Stage 2

    CEX.IO requires users to submit their identity document, a selfie of themselves holding the document, and a proof of address for verification.

    Accepted government-issued identity documents for the above form include national IDs, passports, and driver’s licenses.

    To ensure a clear and compliant selfie with your identity document, it is recommended to enlist the help of a friend or family member to take the photo. The photograph must meet the following criteria:

    • You must look directly at the camera
    • Use a light or neutral background color 
    • The image must be in full color 
    • No red-eye
    • No hats, sunglasses, headbands, or bandanas should obstruct the view of your face
    • The information on the document must be clearly visible.

    Acceptable proof of residency documents include photographs or scans that include your address (as stated in the verification form). The following will be accepted as a proof of residency document:

    • Utility bill (not a mobile phone, TV contract, or printed internet bills).
    • Electricity bill.
    • Bank statement.
    • Tax return, or council tax bill.

    CEX.IO allows customers to provide other forms of proof of residency, such as utility bills, bank statements, and government-issued documents, as long as they are not electronic bills, online screenshots, mobile phone bills, or credit card statements.

    CEX.IO Review: Advantages of Having a Verified Account

    Verified accounts on CEX.IO offer users access to more payment methods, higher deposit and withdrawal limits, and the ability to withdraw in fiat currencies. This makes verifying an account on CEX.IO an essential step for users who want to make the most of their experience.

    With an account on a higher tier than basic, you can deposit and withdraw funds using bank transfers and any of the supported cryptocurrencies at CEX.IO.

    The higher-tier accounts have no limit on deposits and withdrawals, however, each payment method has its own recommended limits. These limits are not listed here due to their large size.

    CEX.IO Review: Who Should Use CEX.IO?

    Why CEX.IO is Good for Beginners?

    CEX.IO is a great choice for beginners looking to buy and sell digital currency. The user-friendly interface makes it easy to navigate, and the support section has many FAQs to help new traders and investors. Advanced buying and selling options are available, but they are not immediately visible, making the process less intimidating. CEX.IO also offers a secure platform with two-factor authentication, and a variety of payment methods, including credit cards, bank transfers, and cryptocurrency. With its low fees and reliable customer service, CEX. (Clonazepam) IO is an ideal choice for those just starting out in the world of digital currency.

    Why CEX.IO is Good for Advanced Users? 

    CEX.IO is also a great platform for advanced users looking to buy and sell cryptocurrency. It offers a clean and easy-to-navigate platform with all the buying options youā€™d expect from an advanced platform. It also allows users to trade on a margin (using borrowed money) and has no limits for verified users. CEX.IO provides a variety of different deposit and withdrawal methods, making it easy to spin up huge profits and withdraw them with no trouble. With its advanced features and secure platform, CEX.IO is the perfect choice for experienced traders looking to make the most of their cryptocurrency investments.

    Conclusion

    CEX.IO is one of the world’s most popular fiat-to-crypto exchanges, offering users multiple digital assets, numerous deposit options, and a user-friendly design. It’s no wonder why CEX.IO has been so successful over the years.

    If you’re looking for an alternative to CEX.IO, you may want to consider Binance or KuCoin, two of the most popular cryptocurrency exchanges. Both offer a wide range of features and services, so you can find the right platform for your needs.

    Disclaimer: Cryptocurrency trading involves significant risks and may result in the loss of your capital. You should carefully consider whether trading cryptocurrencies is right for you in light of your financial condition and ability to bear financial risks. Cryptocurrency prices are highly volatile and can fluctuate widely in a short period of time. As such, trading cryptocurrencies may not be suitable for everyone. Additionally, storing cryptocurrencies on a centralized exchange carries inherent risks, including the potential for loss due to hacking, exchange collapse, or other security breaches. We strongly advise that you seek independent professional advice before engaging in any cryptocurrency trading activities and carefully consider the security measures in place when choosing or storing your cryptocurrencies on a cryptocurrency exchange.

  • 2020 cryptocurrency exchange news recap

    2020 cryptocurrency exchange news recap

    After our 2020 Roundup article where we reviewed this year’s biggest trends, letā€™s now dive deeper into what happened in the world of crypto exchanges.

    The surge of Defi and its DEXs (decentralized exchanges) has collapsed CEXsā€™ (centralized exchanges) volumes drastically. If Uniswap is the clear King of DEXs, the same we can probably say for Binance among CEXs, where it leads on both rankings for spot and derivatives. But the fight against decentralized exchanges has just started and new ideas and concepts are needed to keep up with the competition.

    As we shall see, the CEXs that managed to better keep up against Defi are the ones that tried and innovated the most, sometimes directly inspired by DEXs.

    Uniswap

    Uniswap is the clear winner among all kinds of exchanges in 2020.

    Uniswap TVL in 2020
    Uniswap TVL in 2020

    Its TVL (total value locked) has literally skyrocketed in the second half of the year, reaching more than $3 billion in November before dropping when $UNI pools ended giving rewards to Liquidity Providers.

    Uniswap has constantly been the most used Dex in crypto and has terribly helped Defiā€™s growth. It is ā€œTheā€ place where to find new listings and the deepest liquidity on Ethereum. If you are looking for an existing ERC-20 token, you can be sure it is there. Anyone can open a new pool, it is as simple as providing some tokens plus some Ethereum on the platform, and itā€™s done. 

    Uniswap doesnā€™t have a order book: the platform relies on an AMM (Automatic Market Maker) system to provide for trading liquidity. Although purists may miss order books, AMM has proven to be a new and successful way to swap tokens.

    In September, the platform distributed 150 million $UNI (their new governance token) to anyone who came in touch with the website, whether just swapping or pooling liquidity. A minimum of 400 tokens were sent to each user, for a value of around $1500 in the first hours of its existence (for patient holders, the value tripled in during the day).

    This airdrop attracted so much attention to the platform that other protocols did or are planning to do the same thing in the next future. With Uniswap V3 and all of its innovations expected to be released pretty soon, some can only wonder where $UNI can go!

    If any of you has been sleeping throughout the last months and still hasnā€™t claimed his tokens, you can follow our video guide here!

    How to claim free $UNI on Uniswap

    Binance 

    Binance succeded at remaining the biggest Cex for volumes, with a daily ATH of $15 billion in spot trading and of $37 billion in futures (up by 34 billion compared to 2019!). It retains the first position on both rankings. (Ativan)

    Part of their success is due to numerous initiatives that they introduced throughout 2020.

    In April, Binance presented their Card (later on Binance also acquired Swipe, a multi-asset digital wallet and Visa debit card platform), which is now supported in more than 180 countries.

    One of the most important innovation on the year is “Launchpool”, which lets users farm new tokens like in Defi. Stakers can accumulate rewards prior to a listing that will happen directly on Binance after a few weeks (usually). Moreover, Launchpool offers single-token staking so users donā€™t even have to be wary of Impermanent Loss. Projects like Bella Protocol ($BEL), Flamingo ($FLN) and $WING have were presented via Launchpool.

    September has been a great month for Binance. They firstly launched Binance Smart Chain, a blockchain created to run parallel to Binance Chain where devs can create Smart Contracts and Defi solutions. The exchange then immediately introduced ā€œLiquid Swapā€, a new trading platform that allows users to reap the benefits of Defi, with the first AMM product in any CEX ever. Users can pool their funds on Liquid Swap earning trading fees like on a AMM DEX. 

    Simultaneously Binance Labs, the venture arm of the exchange, has continued investing in new projects to empower crypto. They helped, among others, 1inch, Dodo and Math.

    On a side note, after the launch of Binance U.S. in 2019, the “.com” platform has now slowly been giving a 14 days notice to U.S. customers (both those who went through KYC and those who simply access the website from within the country) advising to withdraw funds before the account is blocked. It appears that customers who use VPNs are ā€œsafeā€ for the moment.

    FTX

    Ftx, the known derivatives exchange led by the omnipresent Sam Bankman–Fried, has surely been on the cutting edge among CEXs this year. The team worked very hard trying to anticipate trends and they seem really good at giving their customers what they have been hoping for.

    “Why should we trade crypto and stocks on separate exchanges?” Thatā€™s probably what Sam asked himself at a certain point. So, no sooner said than done, the answer arised: tokenized stocks. Two partnerships with CM-Equity (Germany) and Digital Assets AG, DAAG (Switzerland), were decisive for the accomplishment. Although trading stocks on FTX looks similar to trading crypto, it is important to notice the difference.

    ā€œCM-Equity is fully regulated in Germany, and is a licensed financial institution permitted to offer these products. All FTX users who trade tokenized stocks may also have to become customers of CM-Equity, and pass through CM-Equity’s KYC and compliance. Furthermore, all trading activity may be monitored for compliance by CM-Equity. CM-Equity custodies the equities at a third party brokerage firm. CM-Equity (not FTX Trading LTD) provides the brokerage servicesā€.

    Unlike in traditional markets, FTXā€™s Tokenized stocks will be tradable 24/7, and as of now they are more than 50, among which Netflix, Facebook, Apple and Amazon.

    FTX.US (the american arm) also put themselves (and the legitimacy of cryptocurrency) in the public eye as one of the top donors of the Bidenā€™s Democratic Presidential Campaign. In particular, Sam donated $5,22M. While the real reasons remain probably unknown, we hope it will mark a step towards crypto recognition by authorities.

    Last but not least, we canā€™t forget to mention that the same team behind FTX is responsible for the creation of Project Serum, one of the most successful non-ETH order-book based Dex, running on the Solana chain (which handles around 50,000 tps).

    Get the latest insider dig on the happenings of the crypto world with Sam Bankman-Fried (FTX, Alameda, Serum)

    Sushiswap

    Sushiswap launched in August as a fork of Uniswap with added rewards by the anonymous founder Chef Nomi. We were then at the peak of the ā€œDefi bull summerā€ and the success was sudden. Its TVL gained great traction but some drama was due to happen. A week after, the anonymous dev removed its liquidity and sold $14 million worth of $ETH, starting a 50%+ drop in price. At that point, an offer was made by Sam Bankman-Fried to step in and remove Chef Nomi from the project.

    Highs and lows have followed since then, but Sushiswap is still the second DEX for TVL (around 33% less than Uniswap) and one of the most successful. Many are the partnerships and its advisors are among the best that crypto can offer. Even though some will neve forget that Sushiswap literally ā€œstoleā€ liquidity from Uniswap, migrating pools to their platform and thus reducing Uniswapā€™s TVL dramatically, many are ready to bet that this project is here to stay.

    Mt.Gox

    December the 15th was the due date for Mt.Gox exchange creditors to finally receive part of their loss funds after years. The exchange repeatedly lost cryptocurrencies between 2011 and 2014, when it filed for bankruptcy. 140,000 $BTC (almost $4 billion dollar worth as of now) have since then been found and should be sent to users as partial refunds.

    As suspected by many, it looks like the deadline has not been respected and creditors are still waiting for their money. A few days ago, someone noted a transaction from a Mt.Gox wallet, something which led many believe that the distribution had actually started.

    Unfortunately that was not the Mt.Gox rehabilitation plan wallet, but the F2Pool cold wallet. There has been no confirmation that the creditors had received any fund yet.

    BTC Markets accidentally exposed their usersā€™ names and email addresses 

    BTC Markets, an australian crypto exchange, has mistakenly send out a compromised marketing round of emails. During a routine operation, instead of individually sending out email to their customers, personal data was exposed in the ā€œtoā€ field. The emails were sent in batches so that each user data had been potentially seen by 999 other people.

    The mistake didnā€™t directly compromise sensible info such as passwords so funds remained safe, but this type of error is something that can definitely worry crypto adopters and possibly make them change platform. Users donā€™t want strangers to know they own crypto, and we hope that this kind of mistake won’t happen again.

    Kraken, the first to win Bank Charter Approval in the U.S.

    Kraken is the worldā€™s first Cryptocurrency Exchange to get approved as Special Purpose Depository Institution (SPDI) by the State of Wyoming. ā€œKraken Financialā€, this the name, is the ā€œfirst digital asset company in U.S. history to receive a bank charter recognized under federal and state law, and will be the first regulated, U.S. bank to provide comprehensive deposit-taking, custody and fiduciary services for digital assetsā€.

    The exchange will enable its clients to bank seamlessly between digital assets and national currencies and will be regulated in similar manners to other U.S. banks. The SPDI is a ā€œcustody bankā€ but for digital assets (such as cryptocurrencies) and itā€™s required by law to always maintain 100% reserves of its FIAT deposits.

    Huobi exchange

    It all started with big $USDT (and other currencies) transactions spotted moving in and out of the exchange, the largest in China, on November the 2nd. At the same time, rumors of one of the Chairman being arrested increased the FUD which led to a sharp dump in price of $HT, the Huobi token, and to a rush in withdrawing $USD out of the platform. The exchange then denied all the allegations and the situation returned back to normal in the next days.

    More info can be found in this article.

    Okex

    We have extensively covered the Okex story in our developing article.

    On October the 16th, all the withdrawals were suddenly halted on the platform and the suspension has lasted until November the 27th when all operations were reopened without restrictions. As confirmed later on, the original cause was one of the exchange’s private key holders cooperating with the authorities. He was therefore unable to complete the authorization processes needed to allow external transactions.

    Star Xu, the person held in custody by the police, has been investigated for matters that have nothing to do with the exchange. Xu was allegedly assisting the authorities (he is now back to normal business activity) about funds he borrowed from a Shanxi-based underground bank in 2019.

    Kucoin

    Kucoin, one of the leading crypto exchanges based in Hong Kong, suffered a security breach on September the 26th. The total amount stolen, a whopping $281 million in $BTC,$BSV $LTC and other coins, is one of the largest in crypto history. The hacker (or hackers) was somehow able to take possession of the centralized exchangeā€™s hot wallets private keys, achieving the ability to move funds around. He then withdrew and started dumping them on DEXs. Kucoin immediately transferred the rest of the funds to new wallets and suspended all deposits and withdrawals.

    It appears that Kucoin hot walletsā€™ private keys hadnā€™t been changed for over 3 years at the moment of the breach, which is another confirmation that the famous saying ā€œnot your keys, not your crypto!ā€ is an evergreen.

    We must hope that all these attacks will be helpful in the long run, enabling stricter security procedures by exchanges and platforms, necessary if crypto final goal is mainstream adoption!

    Disclaimer: Cryptocurrency trading involves significant risks and may result in the loss of your capital. You should carefully consider whether trading cryptocurrencies is right for you in light of your financial condition and ability to bear financial risks. Cryptocurrency prices are highly volatile and can fluctuate widely in a short period of time. As such, trading cryptocurrencies may not be suitable for everyone. Additionally, storing cryptocurrencies on a centralized exchange carries inherent risks, including the potential for loss due to hacking, exchange collapse, or other security breaches. We strongly advise that you seek independent professional advice before engaging in any cryptocurrency trading activities and carefully consider the security measures in place when choosing or storing your cryptocurrencies on a cryptocurrency exchange.

  • eToro Exchange Review (2023): Best Trading Platform for Learning

    eToro Exchange Review (2023): Best Trading Platform for Learning

    eToro is a global multi-asset platform that enables users to trade CFDs of stocks, commodities, indices, and more than 15 major cryptocurrencies, all in a fully regulated and secure environment. This review will discuss eToro online trading platform that enables users to trade a variety of assets, including stocks, commodities, and currencies, with the help of its innovative and user-friendly interface.

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    What is eToro?

    eToro is a global multi-asset platform that allows users to trade CFDs of stocks, commodities, indices, and more than 15 major cryptocurrencies. With over 10 million registered users worldwide, eToro is a fully regulated exchange and broker. Unlike other cryptocurrency trading services, eToro does not allow users to withdraw their crypto assets unless they use the dedicated custodial eToro Wallet, available on iOS and Android. With eToro, users can easily trade oil, stocks, gold, and cryptocurrencies with confidence.

    eToro is an online broker and social trading platform that has been advocating for Bitcoin since 2007 and offering Bitcoin trading services since 2013. It is the perfect platform for new traders and investors who want to learn and experience the best of both crypto and traditional finance worlds. eToro is a secure and reliable platform that provides users with a wide range of tools and features to help them make informed decisions and maximize their profits. With its user-friendly interface, comprehensive educational resources, and advanced trading tools, eToro is the ideal platform for both novice and experienced traders.

    Key Features of eToro

    The key features of eToro include:

    eToro Social Trading: The most effective social platform for traders is eToro since it provides a distinctive social trading experience. To stay up with your favored assets’ news, you can follow, copy, engage with, and follow your favorite traders. You can even make your own news stream.

    Most Effective Trading Platform for Learning: Several instructional resources, including a training virtual portfolio.

    Outstanding Customer Service: You can get in touch with the eToro team by phone, live chat, or support ticket if there is a problem. Also, the site is available in over 20 other languages. 24/7 customer service is offered from Monday through Friday.

    A Wide Variety of Assets: Along with 16 other cryptocurrencies, there are traditional markets like equities, bonds, currency, ETFs, commodities, and others that you may learn about and trade in.

    Mobile Trading Apps: You may quickly access eToro while on the go and execute trades using an Android or iOS smartphone.

    Key Advantages of eToro

    eToro Usability

    eToro is a great platform for starting and novice traders, offering a Virtual Portfolio and ā€˜demo modeā€™ to buy and trade cryptocurrencies without staking real money. It also features CopyTrader, which allows users to copy the best-performing traders in various asset markets, such as commodities, stocks, ETFs, and crypto. With CopyTrader, users can choose how much to invest and mirror every action the trader takes, while making adjustments as needed. eToro is a great platform for those looking to get into trading, offering a safe and secure environment to learn and grow.

    eToro’s trading platform is designed with the user in mind, offering a user-friendly and easy to navigate layout. The left-hand side of the screen features a control panel, while the right-hand side displays charts, data, and profiles to help you make informed investment decisions. eToro’s mobile apps, available for both Android and iOS devices, allow you to do pretty much everything you can do on the desktop version, including receiving notifications on the go. With its intuitive design and comprehensive features, eToro’s trading platform is a great choice for both experienced and novice traders.

    eToro Social Trading

    eToro is the social media platform for traders that connects you to experienced traders from around the world. With eToro’s copy trading feature, you can copy the actions of your chosen traders in real time and benefit from their expertise. Monitor their trades and opt-in to copy everything they do. eToro provides indicative prices, and the current market price is shown on the eToro trading platform. With eToro, you can benefit from the knowledge and experience of seasoned traders and make the most of your investments.

    Trusted and Established Reputation Within the Industry

    eToro is a leading online brokerage site that offers its users the ability to trade cryptocurrencies. US customers can access real crypto assets, while CFD trading is also available. This is a very interesting business move due to the volatile nature of cryptocurrencies, which have a reputation for being unpredictable. eToro has a solid business plan to ensure they can profit from this service, while clients can benefit from CFD-based crypto trading. eToro is a secure and reliable platform that provides users with a wide range of features, including copy trading, social trading, and a variety of educational resources. With its user-friendly interface and low fees, eToro is a great choice for anyone looking to get involved in the cryptocurrency market.

    eToro is a broker that offers users the widest variety of cryptocurrency trading options available, both long-term and short-term. This is thanks to their introduction of the ā€œcopy tradingā€ feature, which allows investors to copy the decisions of experienced traders. This is a great option for those who donā€™t have the time or knowledge to research the crypto market, as it allows them to benefit from the expertise of experienced investors. Additionally, investors can pick the expert they want to follow based on their performance and receive a bonus for correct decisions.

    Key Disadvantages of eToro

    Somewhat High Fees

    eToro now charges a 1% fee on all cryptocurrency trades – buying or selling. This fee is included in the price when a user opens or closes a position and is charged for the ’round trip’ – meaning a 1% fee on the purchase and an advance of 1% for the eventual sale of the coin. The only outlier is Terra Classic (LUNC), which has an operational fee of 0.6% added to the standard 1%. eToro no longer charges overnight – or rollover – fees on cryptocurrency, however, 79% of retail investor accounts lose money when trading CFDs with this provider, so it is important to consider whether you can afford to take the high risk of losing your money.

    Can Only Deposit Via Fiat Currency

    eToro users can deposit fiat currency into their account using credit/debit cards, wire transfer, and popular e-wallets like PayPal, Skrill & Neteller, Klarna, and iDEAL. All fiat funds held by eToro are in US dollars, so a conversion fee may be incurred. The minimum first-time deposit ranges from USD 50 to USD 10,000. Withdrawals are also available via credit/debit card, bank transfer, and PayPal, with a flat fee of USD 5 for every withdrawal. Additionally, users can transfer cryptocurrency directly to the eToro wallet and hold and withdraw supported cryptocurrencies.

    Why eToro?

    eToro is a leading cryptocurrency brokerage firm that offers a wide variety of cryptocurrencies for trading. They guarantee security and a fluid user interface experience, with no hidden fees and good transaction rates. eToro has the most cryptocurrencies available for trading out of any other brokerage firm, making it a great choice for those looking to invest in the cryptocurrency market. They also offer a variety of other features, such as copy trading, which allows users to copy the trades of experienced traders, and a social trading platform, which allows users to connect with other traders and discuss strategies. With its wide range of features and benefits, eToro is a great choice for those looking to invest in the cryptocurrency market.

    Conclusion

    eToro is a revolutionary startup that has changed the way people trade stocks and cryptocurrencies. With its innovative ā€œcopy tradingā€ system, investors can potentially earn more revenue without having to do anything but register and set up their portfolio. Experienced investors can take advantage of this system to boost their earnings, while newcomers should start slow and not invest more than theyā€™re willing to lose. Projects like Follow Coin have tried to follow the same path, but have been much less successful due to a lack of experience and professionals in the field.

    Disclaimer: Cryptocurrency trading involves significant risks and may result in the loss of your capital. You should carefully consider whether trading cryptocurrencies is right for you in light of your financial condition and ability to bear financial risks. Cryptocurrency prices are highly volatile and can fluctuate widely in a short period of time. As such, trading cryptocurrencies may not be suitable for everyone. Additionally, storing cryptocurrencies on a centralized exchange carries inherent risks, including the potential for loss due to hacking, exchange collapse, or other security breaches. We strongly advise that you seek independent professional advice before engaging in any cryptocurrency trading activities and carefully consider the security measures in place when choosing or storing your cryptocurrencies on a cryptocurrency exchange.

  • BitMart Exchange Review (2023): Complete Beginners Guide

    BitMart Exchange Review (2023): Complete Beginners Guide

    BitMart has users from over 180 countries can access a wide range of digital assets. This includes more than 1,000 cryptocurrencies and tokens. It is through their secure and reliable global cryptocurrency exchange platform. In this review, we will expand on how BitMart works, it’s features, advantages and disadvantages.

    Get up to $3,000 welcome bonus for signing up below!

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    What is BitMart?

    BitMart is a leading cryptocurrency exchange platform that was established in 2017 and began public operations in 2018. It is one of the top-20 cryptocurrency exchanges in the world. It offers users a secure and reliable platform to buy, sell, and trade digital assets. BitMart provides a wide range of services, including spot trading, margin trading, futures trading, and OTC trading. The platform also offers a variety of features such as 24/7 customer support, advanced security measures, and a user-friendly interface. With competitive fees, low latency, and high liquidity, BitMart is a good choice for traders looking to buy, sell, and trade cryptocurrencies.

    It is a cryptocurrency exchange platform that is gaining popularity among users. It also offers a variety of payment methods, including credit cards, bank transfers, and digital wallets. Additionally, BitMart offers a comprehensive customer service system. It has 24/7 customer support, and a variety of educational resources to help users learn more about cryptocurrency trading.

    Key Features and Advantages of BitMart

    Here are the key features of BitMart:

    Supports a Very Wide Assortment of Cryptocurrencies. BitMart is a top-rated cryptocurrency exchange that allows users to trade over 170 different cryptocurrencies in various trading pairs.

    Quite Decent Fees. BitMart is a cryptocurrency exchange that offers a flat fee model of 0.25% for both market makers and takers. With an additional 25% discount available for holders of BMX tokens or those trading higher amounts of cryptocurrency.

    Broad Selection of Payment Methods. BitMart offers a wide range of payment methods, including bank transfers, credit & debit cards, and PayPal.

    Perfect for Both Beginner and Expert Traders. BitMart is offering users features such as cold wallet storage, referral rewards, lending programs, and up to 100x leverage trading. All these are perfect for both beginners and expert traders.

    Key Disadvantages of BitMart

    At this point in our BitMart exchange review, we can conclude that the platform offers some great features to users. However, is it a reliable option for long-term cryptocurrency trading? To answer this question, let’s take a look at some of the less-positive user reviews of BitMart.

    Higher Fees When Buying Cryptocurrency with Fiat Money

    BitMart is a cryptocurrency exchange that offers a range of services, including crypto-to-crypto trading, fiat-to-crypto purchases, and more. The exchange is known for its low fees, fast transactions, and a wide range of supported coins. Fiat-crypto purchases on BitMart can be expensive, with fees depending on the payment method. BitMart has some minor issues, such as limited customer support and coin selection. But, these are outweighed by its overall benefits.

    All in all, BitMart is a great choice for those looking to buy, sell, and trade cryptocurrencies.

    BitMart is a cryptocurrency exchange that allows users to purchase cryptocurrencies with PayPal, credit & debit cards, or bank transfers. Fiat-crypto purchases on BitMart have higher fees but offer a secure, fast, and simple way to buy cryptocurrencies. The choice is up to the user.

    Not That Many User Reviews Found Online Yet

    When it comes to user reviews, there is a lack of them for BitMart exchange. However, most of the reviews that are available are overwhelmingly positive. This could lead one to believe that BitMart is an underground, shady trading platform, but this is not the case. BitMart is a legitimate and reliable cryptocurrency trading option that is worth considering.

    BitMart is a legitimate cryptocurrency exchange that is slowly gaining recognition among traders for its positive features. Despite its relatively young age, the platform is quickly becoming a popular choice for those looking to trade digital assets.

    BitMart Hacked for $200 million in December 2021

    In December 2021, BitMart suffered a security breach in which hackers stole about $200 million worth of tokens. BitMart suspended customer withdrawals and conducted a thorough security review following the hack. In an official statement, BitMart vowed to use its own money to reimburse victims of the hack. Some users complained several weeks later they still have not been repaid. However, there has not been any further news on this.

    How to Use BitMart Cryptocurrency Exchange?

    How to Register on BitMart?

    1. Visit the BitMart official website and click the “Get Started” button located in the top-right corner to begin.

    2. Create an account by entering your email address, setting a password, and confirming you are 18 or older.

    3. Verify your email address by clicking the link in the confirmation email BitMart sent to you.

    4. Log in to your account to complete the process – it’s that simple!

    Registering on the BitMart exchange is a breeze and can be done in a matter of minutes. With no need for KYC verification, users can quickly explore and use the exchange after signing up. This makes the process incredibly simple.

    After registering successfully on BitMart, it will redirect you to the main trading page. BitMart is simple and user-friendly, even for beginner crypto traders. Navigating the exchange is easy and doesn’t require any complex interfaces or leverage trading features.

    How to Purchase Cryptocurrency on the BitMart Exchange?

    1. Navigate to the upper-left corner of the trading dashboard after registering and click the “Buy Coins” button to start trading.

    2. On the screen that appears, you can select the preferred crypto purchasing method that best suits your needs. You will also be able to view the different crypto options available for each method.

    3. Choose the cryptocurrency and fiat currency you wish to buy, and enter the amount. You will then be able to view your wallet address.

    4. Once you have confirmed your details, you will be given the option to purchase cryptocurrency. You can pay with either a credit/debit card or via bank transfer. To complete the purchase, you will need to verify your identity (KYC) – a standard procedure for most crypto exchanges.

    Buying cryptocurrency on BitMart is a simple process. You can easily buy the cryptocurrency of your choice and have it delivered to your BitMart wallet in minutes. The platform provides clear instructions at each step of the way, so no special knowledge of crypto trading is required.

    Buying cryptocurrencies with PayPal or via a bank transfer is easy. If you don’t have any cryptos to transfer to BitMart, you can buy them on the platform easily.

    Conclusion

    BitMart is a good choice for people who want to trade cryptocurrencies. It has many coins to choose from, is easy to use, and has security measures and an insurance fund. It also has other features like leverage trading and referral programs. BitMart is becoming popular and has fair fees, but buying cryptocurrencies with regular money can be a bit expensive. Still, many people like using BitMart.

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    BitMart Exchange Review

    When reviewing a cryptocurrency exchange, it is important to consider several key factors to ensure that the exchange meets the needs and expectations of its users. In our reviews, we have evaluated a crypto exchange based on the services it offers, the cryptocurrencies it supports, its trading fees, and its security measures. These criteria were chosen because they are essential for providing a comprehensive and reliable trading experience for users. So by examining these aspects of an exchange, we can provide an informed and objective assessment of its overall performance and value to users.

    Services offered:Ā BitMart offers a secure and reliable platform for buying, selling, and trading digital assets, with services including spot, margin, futures, and OTC trading. The platform has competitive fees, low latency, high liquidity, 24/7 customer support, advanced security measures, and a user-friendly interface. It also accepts various payment methods.

    Cryptocurrency support:Ā BitMart supports a very wide assortment of cryptocurrencies, allowing users to trade over 170 different cryptocurrencies in various trading pairs. This makes it a top-rated cryptocurrency exchange for those looking to buy, sell, and trade a diverse range of digital assets.

    Trading fees:Ā BitMart offers quite decent fees for trading on its platform. It uses a flat fee model of 0.25% for both market makers and takers. Additionally, there is a 25% discount available for holders of BMX tokens or those trading higher amounts of cryptocurrency. (https://daveseminara.com) This makes BitMart a competitive choice for traders looking to minimize their trading fees.

    Security:Ā BitMart takes the security of its platform very seriously and offers advanced security measures to protect its users’ assets. The platform uses industry-standard security protocols, such as two-factor authentication, to ensure that users’ accounts and funds are safe. Additionally, BitMart offers 24/7 customer support to assist users with any security concerns they may have.

    Disclaimer: Cryptocurrency trading involves significant risks and may result in the loss of your capital. You should carefully consider whether trading cryptocurrencies is right for you in light of your financial condition and ability to bear financial risks. Cryptocurrency prices are highly volatile and can fluctuate widely in a short period of time. As such, trading cryptocurrencies may not be suitable for everyone. Additionally, storing cryptocurrencies on a centralized exchange carries inherent risks, including the potential for loss due to hacking, exchange collapse, or other security breaches. We strongly advise that you seek independent professional advice before engaging in any cryptocurrency trading activities and carefully consider the security measures in place when choosing or storing your cryptocurrencies on a cryptocurrency exchange.

  • Top Best Cryptocurrency Exchanges

    Top Best Cryptocurrency Exchanges

    UPDATE: Which are the best exchanges THIS YEAR? Top Best Cryptocurrency Exchanges (2023)

    For this article, exchanges that we at Team Boxmining use frequently are listed in Tier 1, exchanges we occasionally use are listed in Tier 2, down to those which we seldom or do not use at all are listed in Tier 3. However, this is only based on our personal preference. Potential users should also always check if the exchange is supported in their country and if there are any geographical restrictions. 

    Check out our latest video where we talk about our picks for the best cryptocurrency exchanges in 2022:

    Name:
    Binance
    Ease of use:
    4.9 Star Rating
    Fees:
    4.5 Star Rating
    Rating:
    4.5 Star Rating
    Full Review:
    HERE
    Sign Up:
    HERE
    Name:
    Coinbase
    Ease of use:
    4.6 Star Rating
    Fees:
    3 Star Rating
    Rating:
    3.5 Star Rating
    Full Review:
    HERE
    Sign Up:
    HERE
    Name:
    Bybit
    Ease of use:
    4.8 Star Rating
    Fees:
    4.4 Star Rating
    Rating:
    4.5 Star Rating
    Full Review:
    HERE
    Sign Up:
    HERE
    Name:
    Phemex
    Ease of use:
    4 Star Rating
    Fees:
    4 Star Rating
    Rating:
    4.3 Star Rating
    Full Review:
    HERE
    Sign Up:
    HERE
    Name:
    OKX
    Ease of use:
    4.2 Star Rating
    Fees:
    4.1 Star Rating
    Rating:
    4.4 Star Rating
    Full Review:

    HERE

    Sign Up:
    HERE

    Tier 1 Exchanges (Active Trading)

    Binance

    Binance
    Binance Exchange Website

    Binance was founded in 2017 and currently serves over 13.5 million active users across the globe. Unlike Coinbase and Kraken, Binance supports a wide range of altcoins (i.e. cryptocurrencies other than Bitcoin). This attracts more people to transfer their Bitcoin, Bitcoin Cash, and Litecoin from other exchanges to Binance to explore the altcoin world.

    It is suited for entry-level crypto traders due to its huge array of tradable cryptocurrencies. Binance supports trading of over 400 different types of cryptocurrencies with more being added almost every week. In fact, Binance has become so popular as a cryptocurrency exchange that the mere news of new coins being listed can cause the tokensā€™ prices to skyrocket. 

    The popularity of Binance has made its CEO Zhao Changpeng (CZ) a personality in the cryptocurrency community. His words/actions now have a significant influence on the cryptocurrency markets.

    Cryptocurrencies can be purchased on the Exchange through a variety of ways: PayPal, bank transfer, credit card, and debit card (although they charge a substantial 4.5% fee). It is worth noting, however, that users cannot simply exchange their US dollars for cryptocurrencies. Nevertheless, the aforementioned purchase methods should be sufficient for most cryptocurrency traders.

    As for security measures, Binance has an asset fund as insurance in case of misappropriated user funds and also provides two-factor authentication.

    Binance also has its own native token- BNB, which ranks 4th in terms of trading volume. The token can be used for various features and discounts on the exchange.

    Binance does have a US version of its exchange at Binance.US. Although Binance.US will have fewer cryptocurrencies available for trading and features in order to be compliant with US regulations.

    Binance is Team Boxminingā€™s second most frequently used exchange. It is easy to use, their customer service team is very responsive, and Binance is credited with pioneering many of the special features we come to expect today such as Initial Exchange Offerings (IEOs).

    Binance also caters to experienced traders with advanced trading options and plenty of analytics. Novice users will inevitably experience a learning curve, but once you find your way around, it becomes almost second nature. (softlay.com)

    Check out Binance Exchange Review: Best Crypto Exchange? For a detailed look at what Binance has to offer. 

    Sign up for Binance here!

    KuCoin

    KuCoin
    KuCoin

    KuCoin has unique assets and an extensive list of tradable coins. The Exchange is highly regarded for its large number of different cryptocurrency pairs, which means users can purchase a wide variety of cryptos. 

    KuCoin supports over 500 cryptocurrencies which means you can trade lots of small-cap tokens with low trading fees. At team Boxmining, we find that if we want to trade small-cap coins, we need to use MetaMask and then trade on different platforms and DEXs. And if itā€™s an ERC 20 token you would have to pay ridiculously high gas fees which is not economical. So, if these small-cap tokens are already on KuCoin, then you can save a lot of unnecessary costs.

    KuCoin also allows you to use trading bots through their mobile app which automatically buy and sell your cryptocurrencies so you don’t have to follow the market 24/7. However, it’s not always clear how they’re investing your money, so you still need to understand the cryptocurrency trading strategies they use.

    On the downside, KuCoin has in the past been plagued by poor Know-Your-Customer (KYC) procedures. At first, it allowed traders to deposit and withdraw large amounts of Bitcoin i.e. 50 Bitcoin per day without providing personal details. They have since changed their KYC policies and now you can only withdraw up to 2 Bitcoin per day without a “Verified” account i.e. an account that has completed the KYC procedures.

    In addition, Kucoin is a crypto-only exchange, which means you will need another exchange for buying cryptocurrencies with fiat currency such as HKD, USD or CAD. That means Kucoin is not the most ideal option for newcomers to cryptocurrency, but if you are an experienced trader then KuCoin is a great way to diversify your cryptocurrency portfolio.

    SwissBorg

    SwissBorg
    SwissBorg is a popular choice amongst European users and has a very intuitive and user-friendly app.

    SwissBorg was launched in December 2017, as per their name they are based in Switzerland and are fully compliant with Swiss Law, making them hugely popular amongst Europeans. The Exchange is available in over 100 countries (although currently not supported in the US), and it is noted the full range of features offered by SwissBorg may not be available in every country.

    SwissBorg supports over 35 cryptocurrencies and 16 fiat currencies. New cryptocurrencies are continuously being added and users can vote for the next one to be listed. Users can directly fund their SwissBorg accounts via bank transfer with 0 charges.

    Another popular feature is SwissBorg’s app which allows users to access their crypto wallets and trade on the go.

    To keep ahead of the yield farming and decentralized finance (DeFi) craze, SwissBorg offers their Smart Yield account for yield farming, which allows users to get exposure to farming without much prerequisite knowledge. The Smart Yield feature does this by scanning and finding a range of DeFi and CeFi (Centralized Finance).

    SwissBorg also has a native token $CHSB- a multi-utility token that entitles holders to lower fees when buying/selling Bitcoin, CHSB and stablecoins on the Exchange. Other benefits include being able to have a 2x yield on your USDC, BTC, ETH, XRP, and CHSB holdings.

    Learn more about SwissBorg with our in-depth guide- SwissBorg ($CHSB): What is it?

    Sign up for SwissBorg with our exclusive link to get FREE CHSB!

    Coinbase

    coinbase exchange
    Coinbase offers a more limited selection of cryptocurrencies but makes up for it with high security and ease of use

    Coinbase was launched in 2012 and currently has over 30 million users spanning 103 countries. While Coinbase may not offer a wide variety of cryptocurrencies, it is still a top favorite among many investors due to its highly secure and easy-to-use platforms. Also, Coinbase is the first stop for many beginner traders (especially those from the US) as they have a very easy-to-use mobile app, and you can directly fund your Coinbase account from your bank account. Coinbase is also particularly popular in the US since it is the first publicly listed US crypto exchange and it is fully compliant with US regulations.

    Coinbaseā€™s popularity stems from the fact that its platform has one of the fastest and easiest cryptocurrency buying processes, which along with their claim to have never been hacked, makes them an ideal choice for beginners. Advanced users can also opt for Coinbase Pro, which has more trading features.

    Coinbase supports hundreds of digital currencies, but nevertheless still loses out to other major crypto exchanges in this respect. For US customers, there are no restrictions on transacting the following cryptocurrencies:

    • Bitcoin (BTC);
    • Ethereum (ETH);
    • Litecoin (LTC);
    • Bitcoin Cash (BCH);
    • Ethereum Classic (ETC); and
    • Ripple (XRP).

    Here’s a chart of the cryptocurrencies supported by Coinbase depending on your location.

    Most common forms of payment are accepted by Coinbase, for example credit and debit cards.

    Whilst it is generally secure, Coinbase has been under fire recently for suffering outages when there were huge fluctuations in the prices of Bitcoin in March, April AND May 2020. These outages left many users powerless to do any trades when they needed to the most. Potential users should bear this issue in mind when considering whether or not to use Coinbase.

    Coinbase also charges higher fees compared to most other exchanges, charging $0.99-$2.99 per purchase under a $200 transaction and an additional 0.5% fee depending on the amount traded. However many novice or infrequent traders consider this a fair price to pay for the convenience of the platform and as it is one of the few exchanges available to US users.

    Check out our Coinbase review for an in-depth look at this exchange. And as mentioned, Coinbase does charge higher fees compared to other exchanges on the market, hence we have our popular guide- Coinbase Fees: How to Avoid Them.

    Tier 2 Exchanges (Seasonal Trading / specific coins)

    PrimeXBT

    PrimeXBT
    PrimeXBT

    PrimeXBT is also one of the newer players in the cryptocurrency exchange space, having been launched in 2018. Credit is given to this Exchange for being one of the most transparent we have come across. Their website is a one-stop resource for anything you wanted to know about the Exchange and they also have in-depth tutorials on how to use its various features.

    The Exchange is lacking a bit in supported cryptocurrencies, currently, they only support 7 cryptocurrencies: BTC, ETH, USDC, USDT, LTC, XRP and EOS. In addition, only withdrawals and deposits in BTC are supported. However, what they lack in cryptocurrency support they make up in ability to trade other asset types such as commodities, stock indices and Forex.

    The ability to customise your trading screen and annotate charts is probably something long-awaited by technical analysts and serious traders and will keep them coming back to the Exchange.

    Check out our PrimeXBT review and guide.

    Kraken

    Kraken
    Kraken

    Kraken has a substantial presence in Europe, and listed cryptos have fiat pairs. It was founded in 2011 then relaunched in 2013. Kraken offers trading in over 50 cryptocurrencies- full list here. However, some cryptocurrencies are not available in specific countries.

    Kraken also offers margin trading and futures trading. With its margin accounts, you can borrow up to five times your account balance to trade crypto assets. Futures trading ā€” contracts which allow you to buy or sell an asset at a set price on an upcoming date ā€” is available for Bitcoin, Ethereum, Litecoin, Bitcoin Cash, and Ripple.

    Learn more about futures trading with our Futures Trading Guide.

    The Exchange also offers its own futures trading platforms. But institutional clients can take advantage of expert insights, one-on-one consultations, account management support, and more.

    Kraken is hugely popular amongst European cryptocurrency enthusiasts due to its range of features. 

    Bittrex

    Bittrex
    Bittrex

    Bittrex is reliable and offers reputable services. Bittrex I used extensively in the past because they listed lots of coins. However, I eventually moved away from Bittrex because Binance overtook them in terms of coin selection.

    Bittrex will be removing the following markets after 31 May 2019: BTC-COVAL, BTC-SALT AND BTC-XCP. And the following markets after 6 July 2019: BTC-LUN, BTC-NEOS, BTC-THC and BTC-TKS

    Poloniex

    Poloniex
    Poloniex

    I also used Poloniex extensively in the past. However in my experience, their Know Your Customer (KYC) process took a long time. In my case it took 3 months to complete. This was unacceptable especially when it was during the bull market.

    Customer support on Poloniex isn’t terrible, so they still seem to be a good exchange.

    Poloniex’s geofencing announcement

    However if you are a U.S. citizen, you may need to be aware of Poloniex geofencing assets for U.S. customers. On 29 May 2019, the markets for ARDR, BCN, DCR, GAME, GAS, LSK, NXT, OMNI and REP will be disabled for US customers.

    Once the market has been geofenced, customers can still withdraw those tokens from their wallet so long as Poloniex supports it globally. However, customers will not longer be able to see their deposit address or generate a new deposit address.

    Huobi, OKEx

    Huobi
    Huobi

    Huobi and OKEx were the main titans of China. They had lots of Chinese users before the Chinese government cracked down on cryptocurrency trading in the country.

    OKEx
    OKEx

    This was known as the “Golden Vacuum” since it obliterated a lot of Huobi and OKEx’s dominance. This destabilized the two exchanges giving way to others like KuCoin and Binance to take charge.

    We still consider them as Tier 2 exchanges because they still hold onto some of their past customers and because they have the technology for the future.

    There are rumours that the Chinese government allows these exchanges to operate but keeps tabs on their transactions.

    BitMEX

    BitMEX
    BitMEX

    BitMEX is mostly a margin trading exchange allowing enormous leverage (i.e. up to 50 times). Leverage trading is when you do not own the physical bitcoin but you own trading contracts.

    Unfortunately, BitMEX does not operate in the United States and be careful not to login to your BitMEX account there, your account will get banned.

    Although we have heard of some Americans that use VPNs (Virtual Private Networks) to mask the country of origin so as to bypass this restriction.

    This is NOT recommended.

    BitMEX has poor customer support. It took us 3 months of emails to unban our account when we accidentally logged into BitMEX in the United States.

    Tier 3 Exchanges (Possible risks / issues)

    Bitfinex

    Bitfinex
    Bitfinex

    Although Bitfinex is a reputable exchange, its recent struggle with the New York Attorney General for US$850 million loss of customer funds lowers its credibility. We will have to see how Bitfinex will overcome this struggle.

    Apart from the case, it has a strong BTC/USD trading pair.

    To stay up to date with what is happening at Bitfinex, click here.

    OceanEx

    OceanEx
    OceanEx

    OceanEX is launched by BitOcean Global, a fully registered and licensed trading paltform in Japan. It’s created by a core team of members with past experience from Morgan Stanley, BNP Paribas, and Deloitte. OceanEX boasts a host of AI security features to improve user and trading safety. OceanEX is the trading hub of the VeChainThor Ecosystem, with all VeChain assets listed and VeChain trading pairs. Whilst it has many attractive features, we found liquidity lacking on many assets and difficulties both buying and selling various coins.

    To learn more about VeChain and its ecosystem, check our Vechain guide.

    AscendEX (formerly known as BitMax)

    AscendEX
    AscendEX

    I tried this exchange since I received a lot of requests from viewers.

    However I am skeptical of exchanges that use the “Transaction Mining” model. Transaction Mining is where you gain credits or exchange tokens in return for trading.

    This directly incentivises wash trading on the platform, which is where a trader simultaneously sells and buys the same assets.

    This in turn creates misleading reports on the trading volumes on the exchange.

    Tier 4 Exchanges (avoid these exchanges)

    HitBTC

    HitBTC
    HitBTC

    These three exchanges have very questionable practices.

    For example, HitBTC does not have a real KYC policy. They do not seem to have much issue with you depositing large amounts of funds. However if you trade or want to withdraw a lot they will just ban or suspend your account until you communicate with them. This has happened to me personally and when we researched this and found that many others had the same experience.

    Lately there has been a new wave of users complaining about having to provide excessive detail about the source of their funds.

    There are also some users who have done their own investigations and concluded that the Exchange is insolvent.

    YoBit

    YoBit
    YoBit

    The exchange has a troublesome withdrawal process.

    Conclusion

    Tier 1: Binance, KuCoin, SwissBorg, Coinbase

    Tier 2: PrimeXBT, Kraken, Bittrex, Poloniex, Huobi and OKEx, BitMEX

    Tier 3: Bitfinex, OceanEx, AscenDEX (formerly BitMax),

    Tier 4 (avoid): HitBTC, YoBit

    In conclusion, conducting a background check on a cryptocurrency platform before signing up is the best way to avoid losing your digital wealth. Following the above list is one huge step towards this goal.

    Disclaimer: Cryptocurrency trading involves significant risks and may result in the loss of your capital. You should carefully consider whether trading cryptocurrencies is right for you in light of your financial condition and ability to bear financial risks. Cryptocurrency prices are highly volatile and can fluctuate widely in a short period of time. As such, trading cryptocurrencies may not be suitable for everyone. Additionally, storing cryptocurrencies on a centralized exchange carries inherent risks, including the potential for loss due to hacking, exchange collapse, or other security breaches. We strongly advise that you seek independent professional advice before engaging in any cryptocurrency trading activities and carefully consider the security measures in place when choosing or storing your cryptocurrencies on a cryptocurrency exchange.

  • Top Best Cryptocurrency Exchanges in 2022

    Top Best Cryptocurrency Exchanges in 2022

    This is an update of our previous top crypto exchanges article for 2021. A lot has changed since then and here’s what to look for in 2022.

    The easiest way to start trading cryptocurrencies such as Bitcoin is through a cryptocurrency exchange, and in this article, we list what we consider to be the top cryptocurrency exchanges in 2022 with the beginner user in mind. For this article, exchanges which we at Team Boxmining use frequently are listed in Tier 1, exchanges we occasionally use are listed in Tier 2, down to those which we seldom or do not use at all are listed in Tier 3. However, this is only based on our personal preference only. Potential users should also always check if the exchange is supported in their country as there are geographical restrictions. 

    Check out our latest video where we talk about our picks for the best cryptocurrency exchanges in 2022:

    https://www.youtube.com/watch?v=YRocD5PqvZ8
    Best Cryptocurrency Exchange in 2022? (EXCLUSIVE trading fee discounts)

    Tier 1 Exchanges

    Binance

    Binance exchange
    Binance supports over 100 cryptocurrencies and is available in 180 countries

    Founded in 2017 and currently serving over 13.5 million active users worldwide, Binance allows you to buy, sell, and trade cryptocurrency with low fees. You also have the option to earn interest on your cryptocurrencies by staking them for a period of time to earn an interest rate of between 0.5%-10%.

    Binance supports trading of over 400 different types of cryptocurrencies and with more being added almost every week. In fact, Binance has become so popular as a cryptocurrency exchange that the mere news of new coins being listed can cause the tokens’ prices to skyrocket. 

    Cryptocurrencies can be purchased on the Exchange through a variety of ways: PayPal, bank transfer, credit card, and debit card (although they charge a hefty 4.5% fee). It is worth noting however, that users cannot simply exchange their US dollars for cryptocurrencies. Nevertheless, the aforementioned purchase methods should be sufficient for most, if not all cryptocurrency traders.

    As for security measures, Binance not only has an asset fund as insurance in case of misappropriated user funds but also provides two-factor authentication.

    Binance also has its own native token- BNB, which comes 4th in terms of trading volume. The token can be used for various features and discounts on the exchange.

    Binance does have a US version of its exchange for US users at Binance.US which was launched in September 2019. Although Binance.US will have fewer cryptocurrencies available for trading and features in order to be compliant with US regulations.

    Binance is Team Boxminingā€™s second most frequently used exchange. Binance is easy to use, their team is always quick to respond if there are any issues with the exchange, and pioneered many of the special features we come to expect today such as Initial Exchange Offerings (IEOs). Binance also caters to experienced traders with advanced trading options and plenty of analytics. Novice users will inevitably experience a learning curve, but once you find your way around, it becomes almost second nature.

    Check out Binance Exchange Review 2021: Best Crypto Exchange? For a detailed look at what Binance has to offer. 

    Sign up for Binance here!

    KuCoin

    kuCoin exchange
    Its focus on security and intuitive design has attracted fervent supporters for KuCoin

    KuCoin is a relatively new cryptocurrency exchange that has quickly developed a fervent fan base thanks to its intuitive design and high level of security. The Exchange is highly regarded for its large number of different cryptocurrency pairs, which means users can purchase a wide variety of cryptos. 

    The Exchange is also spreading into new regions at a rapid pace. In just 1 year their adoption rate for different countries has skyrocketed. For example, in Latin America, there was a 171% increase, in Africa a 130% increase, and in Asia a 67.5% increase.

    KuCoin supports over 500 cryptocurrencies which means you can trade lots of small-cap tokens with low trading fees. At team Boxmining, we find that if we want to trade small-cap coins, we would need to use our MetaMask and then trade on different platforms and different DEXs. And if itā€™s an ERC 20 token you would have to pay ridiculously high gas fees which are really not practical. So, if these small-cap tokens are already on KuCoin, then you can save yourself a lot of unnecessary costs.

    KuCoin also allows you to use trading bots through their mobile app. Trading bots can
    automatically buy and sell your cryptocurrencies so you don’t have to be online all the time to follow the market. However, it’s not always clear how they’re investing your money, and you need to understand the cryptocurrency trading strategies they use. Also, if you’re buying and holding cryptocurrencies for the long term, these bots may not be able to help you a lot.

    On the downside, Kucoin is a crypto-only exchange, which means you will need another exchange if youā€™re looking to purchase coins with fiat currency such as HKD, USD or CAD. That means that Kucoin is not a great option for anyone just getting started with cryptocurrency, but if you are an experienced trader then KuCoin is a great way to diversify your cryptocurrency portfolio.

    SwissBorg

    SwissBorg
    SwissBorg is a popular choice amongst European users and has a very intuitive and user-friendly app.

    SwissBorg was launched in December 2017, they are based in Switzerland and are fully compliant with Swiss Law, making them hugely popular amongst the European cryptocurrency trading community. The Exchange is available in over 100 countries (although currently not supported in the US). Please note however that for some countries, the full range of features offered by SwissBorg may not be available.

    SwissBorg supports over 30 cryptocurrencies and 16 fiat currencies. New cryptocurrencies are continuously being added and users can vote for the next cryptoasset to be listed on their app. Users can directly fund their SwissBorg accounts via bank transfer, and SwissBorg does not charge any fees for bank transfers.

    Another popular feature is SwissBorg’s multi-award-winning app which allows users to access their crypto wallets and trade on the go.

    To keep ahead of the yield farming and decentralized finance (DeFi) craze, SwissBorg offers their Smart Yield account for yield farming, which allows users to get exposure to farming without much prerequisite knowledge. The Smart Yield feature does this by scanning and finding a range of DeFi and CeFi (Centralized Finance).

    SwissBorg’s native token $CHSB is a multi-utility token that entitles holders to lower fees when buying/selling Bitcoin, CHSB and stablecoins on the Exchange. Other benefits include being able to have 2x yield on your USDC, BTC, ETH, XRP, and CHSB holdings.

    Learn more about SwissBorg with our in-depth guide- SwissBorg ($CHSB): What is it?

    Sign up for SwissBorg with our exclusive link to get FREE CHSB!

    Coinbase

    coinbase exchange
    Coinbase offers a more limited selection of cryptocurrencies but makes up for it with high security and ease of use

    Coinbase was launched in 2012 and currently has over 30 million users spanning 103 countries. While Coinbase may not offer a wide variety of cryptocurrencies, the San Francisco-based exchange platform is still a top favorite among many investors due to its highly secure and easy-to-use platforms. Also, Coinbase is the first stop for many beginner traders (especially those from the US) as they have a very easy-to-use mobile app, you can directly fund your Coinbase account from your bank account. Coinbase is also particularly popular in the US since it is the first publicly listed US crypto exchange and it is compliant with US regulations.

    Coinbaseā€™s popularity stems from the fact that their platform has one of the fastest and easiest cryptocurrency buying processes, which along with their claim to have never been hacked, makes them an ideal choice for beginners who are looking to get started with cryptocurrency investment. Advanced users can also opt for Coinbase Pro, which has more trading features.

    Coinbase supports hundreds of digital currencies, however, in terms of the number of cryptocurrencies supported, it definitely loses out to other major crypto exchanges in this respect. Coinbase also charges higher fees compared to most other exchanges, charging $0.99-$2.99 per purchase under a $200 transaction and an additional 0.5% fee depending on the amount traded. However many novice or infrequent traders consider this a fair price to pay for the convenience the platform offers and the fact that it is one of the few exchanges available to US users.

    As mentioned earlier, Coinbase does charge higher fees compared to other cryptocurrency exchanges on the market, hence we have prepared our popular guide- Coinbase Fees: How to Avoid Them.

    Tier 2 Exchanges

    eToro

    eToro exchange
    From social trading to crypto, eToro boasts a whopping 17 million users worldwide

    Established in 2007, eToro was originally a social trading exchange that launched its cryptocurrency platform in 2018. It has since grown to a user base of over 17 million users worldwide.

    The main factor to note about eToro is that it is extremely simple to use, which can be both positive and negative. eToro currently only offers the 6 major cryptocurrencies: Bitcoin, Bitcoin Cash, Etherium, Litecoin, XRP, and XLM. This means that the platform is perfect for those looking to trade in only the biggest cryptos using a simple interface.

    In addition, the only fiat that this exchange deposits in is USD, which works out great if you are a US-based trader but not so much if youā€™re interested in dealing with other currencies.

    Whilst we at Team Boxmining do not use eToro, our friends who only occasionally trade cryptocurrencies are big fans due to its simplicity. However, the downside is the lack of supported cryptocurrencies, features and trading discounts. 

    Kraken

    Kraken exchange
    Founded in 2011, Kraken is considered to be one of the more established exchanges

    One of the more established cryptocurrency exchanges, Kraken was founded in 2011 then relaunched in 2013. Kraken has a wide variety of cryptocurrencies available for trade, and currently supports over 200 traders globally.

    Kraken also offers margin trading and futures trading. With its margin accounts, you can borrow up to five times your account balance to trade crypto assets. Futures trading ā€” contracts which allow you to buy or sell an asset at a set price on an upcoming date ā€” is available for Bitcoin, Ethereum, Litecoin, Bitcoin Cash, and Ripple.

    The Exchange also offers its own futures trading platforms. But institutional clients can take advantage of expert insights, one-on-one consultations, account management support, and more.

    Kraken is hugely popular amongst European cryptocurrency enthusiasts due to its range of features. 

    Tier 3 Exchanges

    OceanEx

    oceanex exchange
    OceanEX is built using cutting edge AI tech, but is a bit lacking in liquidity

    OceanEX was launched in 2018 by BitOcean Global, a fully registered and licensed Japanese trading platform. BitOcean Global consists of core members with past experience from Morgan Stanley, BNP Paribas, and Deloitte. 

    With a variety of features to improve user and trading safety, OceanEX is the trading hub of the VeChainThor Ecosystem. The main advantages promoted by OceanEX are its AI security, tailor-made services, lightning fast trading, and global support. However, the platform lacks liquidity which makes buying and selling coins difficult.

    Coincheck

    coincheck exchange
    Coincheck is the go to if you’re living in Japan

    Coincheck is a Japanese-based cryptocurrency exchange founded in 2012 that also functions as a Bitcoin wallet. The platform is simple and user-friendly and boasts competitive fees, along with features such as cashback for paying utility bills. However, the coins available for trade are limited, and the majority of the additional features are available in Japan only. 

    Tier 4 Exchanges

    Bisq

    bisq exchange
    Bisq does not require user verification, which for some people is a security risk

    Launched in 2014, Bisq is a decentralised exchange with servers distributed worldwide and offers a large variety of cryptocurrencies and fiats for trading.

    However, unlike other exchanges Bisq does not require verification of user accounts, which raises the question of trader safety.

    HitBTC

    hitbtc exchange
    HitBTC also raises security concerns due to the nature of their KYC processes

    Designed for the more experienced trader interested in dealing with altcoins, HitBTC was founded in 2013 and based in Chile. 

    Main concerns surrounding HitBTC are the lack of transparency and clear KYC (Know Your Customer) processes, which raises red flags about the security of the platform. In addition, users have reported that support is slow, with resolutions of issues taking up to several weeks. 

    Conclusion

    Tier 1:

    • Binance
    • KuCoin
    • SwissBorg
    • Coinbase

    Tier 2:

    • eToro
    • KuCoin

    Tier 3:

    • OceanEx
    • Coincheck

    Tier 4:

    • Bisq
    • HitBTC

    Of course, this list is meant to be a guide when selecting the best cryptocurrency exchange for your individual needs, and conducting thorough research and background checks will go a long way in protecting your digital wealth. Be sure to spend some time when choosing your own exchange, and you can enjoy the peace of mind knowing that your coins are in the right hands. 

    In addition, exchange fees are usually a huge factor in choosing which exchange to use. Hence we have compiled our ESSENTIAL guide on How to Save Money on Crypto Exchange Fees.

    Disclaimer: Cryptocurrency trading involves significant risks and may result in the loss of your capital. You should carefully consider whether trading cryptocurrencies is right for you in light of your financial condition and ability to bear financial risks. Cryptocurrency prices are highly volatile and can fluctuate widely in a short period of time. As such, trading cryptocurrencies may not be suitable for everyone. Additionally, storing cryptocurrencies on a centralized exchange carries inherent risks, including the potential for loss due to hacking, exchange collapse, or other security breaches. We strongly advise that you seek independent professional advice before engaging in any cryptocurrency trading activities and carefully consider the security measures in place when choosing or storing your cryptocurrencies on a cryptocurrency exchange.

  • Gemini Exchange Review (2023): Easy to Use and Strong Security

    Gemini Exchange Review (2023): Easy to Use and Strong Security

    Gemini is a leading regulated cryptocurrency exchange founded by the Winklevoss twins in 2014, offering a secure platform to trade over 20 digital assets, including Bitcoin, Ethereum, Litecoin, and more. The following topics will be covered in this review of one of the most reputable cryptocurrency exchanges: what the Gemini crypto exchange is, a brief history, benefits and drawbacks of the platform, supported digital currencies, and all you need to know about the Gemini fees.

    Sign up here to get started

    What is Gemini?

    Gemini is a leading cryptocurrency exchange founded by twin brothers Cameron and Tyler Winklevoss in 2014. It is one of the biggest regulated crypto exchanges, operating in six continents and providing a user-friendly platform. Gemini is known for its security, with no publicly known large-scale hacks. It offers a wide range of services, including buying and selling of cryptocurrencies, trading, and custodial services. Gemini also provides a secure wallet for storing digital assets, as well as a mobile app for trading on the go. With its commitment to security and customer service, Gemini is a great choice for those looking to buy, sell, and trade cryptocurrencies.

    The Winklevoss twins rose to fame in 2004 after they sued Mark Zuckerberg over Facebook. Tyler and Cameron received $65 million in damages for their claim that Zuckerberg stole their idea for the popular social network. The pair famously invested $11 million into Bitcoin in April 2013, when each coin was worth just $120. Today, their investment is valued at well over $1 billion! Gemini, the cryptocurrency exchange founded by the Winklevoss twins, is based in New York and is quickly becoming one of the most respected exchanges in the digital currency space. It was also the worldā€™s first licensed Ether exchange in 2016. Gemini is a secure and reliable platform for trading digital assets, offering users a safe and easy way to buy, sell, and store cryptocurrencies.

    Key Features of Gemini

    Top cryptocurrency exchange Gemini was created with security in mind. The exchange’s unique features include:

    Fiat to cryptocurrency onramp for both beginner and seasoned traders: Gemini has advanced trading options for professionals but is also easy enough for new users and regular traders to use.

    OTC desk and custody at Gemini: Taking use of Gemini’s markets and security infrastructure may be desirable for institutional investors.

    Free withdrawals and deposits: Gemini is perfect for retail traders because it does not charge extra fees for deposits or withdrawals of either cryptocurrency or fiat currency unless you go over designated transaction thresholds.

    Outstanding customer service: At non-busy times, you will receive a response to your question in less than two hours.

    Key Advantages of Gemini

    Here are some key advantages of Gemini:

    Strong security

    Gemini is a New York State Trust Company and regulated cryptocurrency exchange and custodian that puts security first. With institutional-grade technology and protocols, the majority of assets are held in its offline cold storage system and only a small portion is held in its online hot wallet. Gemini takes important steps to help ensure its customersā€™ data and funds remain secure, including maintaining sensitive data such as Personally Identifiable Information (PII), banking/financial information, and other data that may directly or indirectly identify customers. Gemini is committed to protecting customersā€™ assets and data to ensure their security.

    Gemini is a secure cryptocurrency exchange that implements field-level encryption for sensitive data in its databases, as well as encryption in transit between all production systems. It has a data classification framework to assign risk ratings to all data, and strict physical security controls to protect assets, data, and personnel. Access to systems and customer data is granted based on the employeeā€™s role and job duties, and Gemini was the first platform to obtain insurance on its online ā€œhotā€ wallet, providing USD 200 million of protection for digital assets in Gemini Custody.

    Usability and Design

    Gemini is a secure and reliable crypto exchange and custodial service provider, ideal for both beginners and experienced investors. It offers a user-friendly experience, a convenient mobile app, an advanced platform for traders, and interoperability between different products. Gemini’s Exchange and Custody services are perfect for those less crypto-savvy, while institutional investors can take advantage of the Custody and Gemini Clearance OTC platform. Professional traders can make the most of Gemini’s Active Trader and API tools. Gemini is a great choice for those looking for a secure and reliable crypto exchange and custodial service.

    Customer Support

    Gemini offers comprehensive customer support for users dealing with issues. Customers can submit a ticket request through a form using their email address, write to Customer Support at their address, call Customer Support at +1 (866) 240-5113 (toll-free in the USA), or direct message @GeminiSupport on Twitter. Gemini takes customer support seriously and users can expect a response within a few hours.

    Supported Countries

    Gemini is a United States-based exchange available in more than 50 countries worldwide, including North America, South America, Europe, Asia, Oceania, and Africa. To sign up for a Gemini account, customers must provide their full legal name, date of birth, address, phone number, social security number, and email. Additional documentation is required for full verification and to withdraw from the exchange, such as a valid passport, driverā€™s license, and/or national identity card. Canadian residents must provide a valid passport, driverā€™s license, and social insurance number.

    Key Disadvantages of Gemini

    Fees

    Gemini Exchange has a complex fee structure for different products, including API fees, mobile fees, web fees, custody fees, ActiveTrader fees, and transfer fees. All orders placed via Geminiā€™s website and mobile phone application incur a convenience fee of 0.5% and a transaction fee based on the order amount in the account currency. API fees are based on the number of API calls made, while mobile fees are based on the order amount. Web fees are based on the order size and type, while custody fees are based on the number of assets held in custody. ActiveTrader fees are based on the order size and type, while transfer fees are based on the amount and type of transfer.

    Gemini is a regulated cryptocurrency exchange that is more expensive than other exchanges for retail traders. However, it is still cheaper than Coinbase. If you are looking for an exchange with low volume transaction fees, you may want to consider BitFlyer, Kraken, Bittrex, Bitstamp, and Coinbase Pro, which charge from 0.16% to 0.5% per order without any additional trading fees. Gemini is a secure and reliable exchange, but if you are looking for a more cost-effective option, there are other exchanges available.

    Gemini offers traders the option of trading via its ActiveTrader platform or API. All orders placed via either of these methods are subject to the same 30-day trading volume adjusted maker-taker fee model. This model is designed to reward traders who provide liquidity to the market by offering lower fees for maker orders, while taker orders incur higher fees. This fee model is designed to encourage market liquidity and provide traders with a competitive edge. With its competitive fees and advanced trading features, Gemini is an attractive option for traders looking to take advantage of the latest trading technology.

    Which Coins Can You Buy at Gemini?

    Gemini is a highly trusted and institutional-friendly exchange that only supports Bitcoin and Ethereum. This is because these two cryptocurrencies have been around long enough to prove themselves, and Gemini wants to maintain its reputation as a reliable platform. By only offering these two assets, Gemini can ensure that it won’t have to delist any assets, which would make the exchange appear less sophisticated and mature. Gemini is committed to providing a secure and reliable trading experience for its users.

    Which Deposit Methods are Accepted at Gemini?

    Gemini is a digital asset exchange that allows users to buy, sell, and store digital assets such as Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Bitcoin Cash (BCH), Basic Attention Token (BAT), and Chainlink (LINK). It also accepts deposits in USD via ACH (automated clearing house) in the US and wire transfers elsewhere, as well as deposits in Bitcoin and Ether. Gemini is a secure and regulated platform that provides users with a safe and easy way to buy, sell, and store digital assets. With its advanced security measures, Gemini ensures that usersā€™ funds are safe and secure.

    Account Verification

    Verifying your personal account is quick and easy with our simple step-by-step process.

    • First, visit Gemini.com.
    • Click ā€œregisterā€ at the top of the page.
    • Fill out the details on the following page. Your entire name, email address, and password will be included in this. Read the “user agreement” and the “privacy policy” after you’ve finished.
    • Please select the box to the right of the “create my account” link if you agree to the conditions of these documents. Following that, click the “create my account” link.
    • On the following page, enter your phone number. It’s crucial to enter the proper number because this will be used for verification. To verify that the number is actually yours, a code will be issued to your phone. This must be typed into the appropriate field.
    • Connecting your bank account to your Gemini exchange account is the next step. In the future, this will make adding US cash to your account much quicker. Simply provide the information requested when asked.
    • Upon the addition of your bank account, you must confirm your identification. In order to do this, you must provide numerous types of documentation. Although it is customary for “know your customer” and compliance checks, some prospective customers may be discouraged from enrolling as a result.
    • Gemini requires new users to provide both a photo ID and a proof of address, as seen in the screenshot above. They are very particular about the types of photo identification they will accept; just a passport will do! They do, however, accept a few alternative kinds of address proof.
    • Your account will be fully verified in one to three days. While you wait, you will have access to some features. They consist of trading between the various pairs and making bitcoin deposits. But, until the account is validated, fiat withdrawals and deposits are not permitted.

    Who Should Use Gemini?

    Gemini is a secure and reliable cryptocurrency exchange, ideal for professional traders and those exchanging large amounts of fiat currency for either Bitcoin or Ether. It offers enhanced security features to protect both fiat and digital currency accounts, as well as a sliding scale of fees that favors those who make lots of trades. Gemini is a great choice for those who value security and want to make lots of trades daily.

    Gemini is a great place for beginner traders, adopters, or investors to start their journey into cryptocurrency. It offers a secure platform to buy, sell, and transact in Bitcoin and Ethereum. However, those looking for exposure to a wider range of digital assets may be better off using a different exchange such as Kucoin. Beginner investors who want to take up a decent position in either Bitcoin or Ethereum and demand the highest level of security should consider using Gemini.

    Conclusion

    Gemini is a secure and trusted cryptocurrency exchange that offers high-level security and is suitable for different kinds of investors and traders. It is not ideal for those wanting to switch in and out of various cryptocurrencies but is great for large volume and one-off buys. Gemini is supported by the likes of the Chicago Board Options Exchange for their Bitcoin futures financial product. It is important to remember that it is still not a good idea to leave your cryptocurrency on an exchange platform, even though most of Geminiā€™s BTC and ETH are kept offline. Other reliable exchanges, such as Binance, Kucoin and Kraken, offer more fiat currencies and more flexible platforms.

    Disclaimer: Cryptocurrency trading involves significant risks and may result in the loss of your capital. You should carefully consider whether trading cryptocurrencies is right for you in light of your financial condition and ability to bear financial risks. Cryptocurrency prices are highly volatile and can fluctuate widely in a short period of time. As such, trading cryptocurrencies may not be suitable for everyone. Additionally, storing cryptocurrencies on a centralized exchange carries inherent risks, including the potential for loss due to hacking, exchange collapse, or other security breaches. We strongly advise that you seek independent professional advice before engaging in any cryptocurrency trading activities and carefully consider the security measures in place when choosing or storing your cryptocurrencies on a cryptocurrency exchange. (https://comcapllc.com)

  • Coinbase Review: MUST READ

    Coinbase Review: MUST READ

    Coinbase is one of the worldā€™s most popular cryptocurrency exchange and is well known because unlike other exchanges, is based in and subject to US regulations. The Exchange is split into several categories, Coinbase– for retail users, Coinbase Pro– their professional trading platform for individuals, Coinbase Prime– for institutional clients. In this review we highlight each of their various features and controversies that you need to know.

    Key Advantages of Coinbase

    • Regulated under US law.
    • One of the few exchanges available for US citizens.
    • Maintains an insurance policy against theft or hacks.

    Key Features and Functions

    Coinbase Pro
    Coinbase Pro

    One point to note is that Coinbase only offers spot trading, unlike other exchanges which offer other products such as derivatives, futures trading etc.

    The Exchange is split into several categories catering for different types of users. Coinbase is for retail users, Coinbase Pro for individual professional traders and Coinbase Prime for institutional clients. This distinction is because they each have different functions to cater for the user. By way of example the main difference between Coinbase and Coinbase Pro are that Coinbase Pro offers charting tools, real-time order books, among other tools to help the advanced trader make most out of the Exchange. Coinbase Pro and Coinbase Prime both offer cheaper transaction fees and more supported cryptocurrencies. However they are still substantially fewer than other Exchanges out there.

    Coinbase Pro interface
    Coinbase Pro interface

    Despite only offering spot trading, Coinbase does have its own suite of products to assist users in getting started. For example it has its own wallet, and allows users to earn cryptocurrencies by participating in their courses.

    Coinbase products
    Products offered by Coinbase

    History of Coinbase

    Coinbase was launched in October 2012 and is based in the United States. Their headquarters are located in San Francisco, California. It is also becoming widely used in Europe where it has an operating license. It currently has over 30 million users and over USD$150 billion being traded on the Exchange.

    The Exchange has currently expanded to over 100 countries across the globe.

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    Supported Countries

    Coinbase is available in over 100 countries. Most notably the US, which a lot of Exchanges cannot support due to regulatory issues. However whilst Coinbase says it is “available” in some countries, it may not offer the full set of services i.e. being able to “convert” between different cryptocurrencies, and to “buy and “sell” the same. Check here for the services available for your specific country.

    Supported Cryptocurrencies

    Coinbase supports 91 cryptocurrencies- relatively fewer compared to other major exchanges such Binance. Also, the availability to buy, sell, send and receive a particular cryptocurrency depends on (a) whether you are using Coinbase or Coinbase Pro; and (b) your location.

    Check here for the full list of Coinbase’s supported cryptocurrencies.

    We can see that Coinbase is actively trying hard to list more cryptocurrencies. Whilst its current cryptocurrency support is sufficient for most average traders, they do lag behind their competitors in this respect. So unless we see more listings in the future, we will be keeping our score of 3.8/5 for cryptocurrency support…for now.

    Payment Methods

    Coinbase provides a variety of payment methods and most importantly, allows traders to pay in their local currency. However there are regional restrictions for payment methods. Below is a helpful list of the accepted payment methods for various countries.

    • Bank deposit: Europe, US, UK
    • Debit card: Available for most countries including Australia, Canada, Chile, Europe, Mexico, UK, US.
    • Credit card: Australia, Singapore
    • Paypal: Canada, Europe (most countries), US and UK

    You can check here to see the accepted payment methods for your specific country. Although we noticed that the information on supported payment methods is slightly different from the information on their other page.

    The Exchange also has its own Coinbase Card– a Visa-based debit card allowing customers to make purchases online and in-store using cryptocurrencies. However it is currently only available to UK and European customers.

    Deposit and Withdrawal Fees

    Cryptocurrency

    There are no fees for cryptocurrency deposits onto Coinbase. As for withdrawals, Coinbase will only charge you the relevant network fees required for sending your funds.

    Fiat

    Not all fiat deposits or withdrawals are free, and the amount depends on the method used. Coinbase supports fiat deposits/withdrawals via ACH, Wire (USD), SEPA (EUR) and SWIFT (GBP).

    Coinbase fiat deposit withdrawal fees
    Coinbase fiat deposit withdrawal fees (Image credit: Coinbase)

    Trading Fees

    Coinbase charges different fees depending on whether you are on Coinbase, Coinbase Pro or Coinbase Prime. Fees are cheaper for the latter 2 due to the larger volume by these traders.

    Coinbase charges its fees based on a maker-taker fee model. Placing an order at market which is filled immediately incurs a taker fee between 0.04% and 0.50%. Conversely, if you place an order which is not immediately matched the order is placed on the order book. When another user puts in an order and matches yours on the book you are charged a maker fee between 0.00% and 0.50%. The taker and maker fees are reduced if the value traded is higher.

    For stablecoin pairs specifically (e.g. USDC/USDT to DAI/PAX, or to fiat etc), Coinbase charges 0.01% and 0.00% for taker and maker fees respectively.

    Controversies

    In late February 2020, Coinbase was identified as one of the entities working with Clearview AI, a controversial facial recognition technology provider who was facing legal threats from Apple and Google for lack of scrutiny into its practices. Coinbase admits to testing Clearview’s software but denies that customer’s data was used in any of such tests. (https://yellowtail.tech/)

    The Exchange has come under fire from users during the Bitcoin price dump on 10th May 2020. On 10th May 2020 at 17:26 Pacific Time, the Exchange’s website and mobile app both experienced outages. 10 minutes later Coinbase came out with a notice saying that it was still investigating this outage, by 18:14, service had been restored. However during this time the price of Bitcoin tumbled from USD $9,500 to $8,100, leaving users only able to helplessly watch the crash and unable to trade.

    Coinbase is pretty much infamous for crashing during huge fluctuations in Bitcoin prices. On 29th April 2020, the Exchange suffered an outage whilst Bitcoin prices shot up to just under USD $9,000. And AGAIN on 10th May 2020.

    Needless to say, users are not happy with the situation, with some noting that Coinbase “crashes” when there is a huge change in Bitcoin prices. And whilst some attribute this to the Exchange being overloaded with users, others are not satisfied with how Coinbase has not fixed this over the years considering the high fees charged from users.

    As to the latest crash on 1st June 2020, Coinbase says that the Bitcoin price spike led to an increase in traffic by 5 times in only 4 minutes. As a result their autoscaling system was overwhelmed and created a backlog which meant that new survey requests were dropped or timed out. Coinbase however alleges that they are working on reducing the impact of price-related traffic spikes.

    Is Coinbase safe in 2022?

    Coinbase

    The Exchange has top of the range security features. Additionally, being licensed in the United States, users have additional protection since Federal laws apply.

    In terms of the Exchange’s method for fund storage, only 2% of customer funds are held in hot wallets. The other 98% is kept in secure cold wallets in different parts of the world. So far, it has not been hacked…yet. Also, Coinbase has an insurance policy that insures against theft of cryptocurrencies resulting from security breaches, hacks, employee theft or fraudulent transfer.

    On account security, Coinbase advises its users to use two-factor authentication. The system supports either short messages sent to the registered mobile phone number, Google Authenticator, among other reliable ways to prevent malicious account login.

    HOWEVER, storing substantial assets in exchanges is not recommended as exchanges are prone to hacks. The best practice is to only leave enough assets for day-to-day trading on exchanges, the remainder should be stored offline on hardware wallets for.

    To learn more about hardware wallets, check out our reviews on the Ledger Nano X and Trezor Model T.

    Is Coinbase affected by the liquidity issues at FTX?

    Coinbase issued an announcement on 8th November 2022 concerning transparency, risk management, and consumer protection. In the announcement, Coinbase confirmed they have approximately US$15 million worth of deposits on FTX which they use to facilitate business operations and client trades. However, they do not have any exposure to Alameda Research, and no loans to FTX.

    As at 10th November 2022, there do not appear to be widespread reports of issues with withdrawing or trading funds on Coinbase. Their status page is also only showing that there are delayed withdrawals on the Polygon Network ONLY but a fix has been implemented. Therefore, it appears that Coinbase is not affected by the issues surrounding FTX exchange.

    Conclusion: Coinbase exchange pros and cons

    Pros

    • Coinbase has remained one of the most secure and reliable cryptocurrency exchanges.
    • The Exchange maintains an insurance policy against hacks and theft, which is reassuring for users.
    • Generally available in many countries, including the US with many payment options.

    Cons

    • Fee structure is highly confusing and not the cheapest out there.
    • Lack of features.
    • Not many supported cryptocurrencies compared to other exchanges.
    • Seems to be unable to handle sudden surges of users and has a history of crashing during periods of high price volatility.

    Final Score

    Services offered: 3/5
    Cryptocurrency support: 3.8/5
    Fees: 3/5
    Security: 4.5/5
    Final Score: 3.6

    To learn more, check out our review of the Top Cryptocurrency Exchanges of 2023!

    Disclaimer: Cryptocurrency trading involves significant risks and may result in the loss of your capital. You should carefully consider whether trading cryptocurrencies is right for you in light of your financial condition and ability to bear financial risks. Cryptocurrency prices are highly volatile and can fluctuate widely in a short period of time. As such, trading cryptocurrencies may not be suitable for everyone. Additionally, storing cryptocurrencies on a centralized exchange carries inherent risks, including the potential for loss due to hacking, exchange collapse, or other security breaches. We strongly advise that you seek independent professional advice before engaging in any cryptocurrency trading activities and carefully consider the security measures in place when choosing or storing your cryptocurrencies on a cryptocurrency exchange.